(HERALD ZW) VP Mujuru commends CBZ Bank

VP Mujuru commends CBZ Bank
Friday, 07 December 2012 00:00
Fanuel Kangondo Acting Business Editor

Vice President Joice Mujuru has commended CBZ Bank for playing a leading role in supporting the Government’s empowerment initiative and the bank’s immense contribution to the development of Zimbabwe’s economy.

In a keynote address at the commercial bank’s 32nd anniversary celebrations held at a local hotel on Wednesday night, VP Mujuru said CBZ Bank was a crucial partner in the empowerment drive.

“We take great pride in our local management. At this juncture I am proud to announce that Government’s efforts to empower our local people and institutions (are getting support from leading banks such as CBZ).

“This is very pleasing because the development of any economy in the world cannot be spearheaded by foreign institutions,” she said.

She said participation of foreign institutions in the local economy was little.

“CBZ, which is 75 percent locally owned, has seen the biggest financial group supporting efforts of Government to grow the economy,” VP Mujuru said.

She outlined how in 2011 the bank issued a US$50 million Economy Recovery Bond which generated money for the recapitalisation of the local industry infrastructure.

VP Mujuru also noted that CBZ has been at the forefront of supporting Government programmes notably payment of civil servants’ salaries.

“I have been advised by Finance Minister Tendai Biti had it not been for this group our Government of National Unity would not have paid civil servants’ salaries,” she said.

She also praised the bank for being able to diversify its services and growing to become the biggest bank and recognised internationally as evidenced by numerous accolades presented to the group over the years.

Afreximbank president Mr Jean Louis Ekra also praised the financial institution for its continued support in uplifting Zimbabwe’s economy despite several financial challenges.

The 32nd anniversary function attracted ministers, MPs, ambassadors and members of the diplomatic corps, representatives of various financial institutions and clients.