Old Mutual Zimbabwe indigenization agreement reached
Old Mutual Zimbabwe confirmed that it has reached agreement with the Zimbabwean government on the first phase of its proposal to comply with indigenization legislation for the financial sector.
Managing Director Luke Ngwerume said, ‘Old Mutual Zimbabwe explained that the plan is broad-based in nature and makes provision for meaningful empowerment and development with staff and management, customers and strategic business partners. It also provides for investment in the Zimbabwean economy through specific funds that will be set up in this regard to support the recovery of the Zimbabwean economy. Old Mutual’s significant expertise and sound track record of delivery in the setting up of development impact funds will be deployed in Zimbabwe to ensure successful implementation and empowerment.’
Ngwerume said, ‘We are very encouraged that the plan presents significant and far-reaching opportunities for Old Mutual to play its part in the sustainable development of the Zimbabwean economy and its people. For more than 109 years we have been the custodians of the nations’ savings and investments, and trust that our indigenization plans speak to our commitment to be a force for good in the lives of the Zimbabwean people.’
