"In line with its intention to focus on its core business areas of universal banking and universal insurance as announced at the
"It is anticipated that the transaction will be concluded by
Employees in the two units will be deployed to other divisions while an investment division will be re-opened.
ZB operates a commercial bank, a building society, insurance business, reinsurance, life business and share transfer unit. Ms Toto, however, said the group is proceeding with the merger of its commercial bank
"ZBFH is confident that once completed, these measures will lead to a leaner, more focused and profitable enterprise," said Ms Toto, adding that the group's performance is currently below that of the comparable period for last year.
Analysts said subdued activity on the
Stockbrokers derive their revenue from a 1 percent charge on the buy and sell side. Analysts said only a few stockbrokers with international connections were getting "meaningful" business while most of the players were struggling to make reasonable transactions.
Last year ZSE chief executive Mr
He said the planned automation of the trading would reduce the cost of doing business.
"This will come through reduction of transaction costs and reduction in redundancy systems," he said.
"From experience from other countries that have automated, volumes of trading more than triple when the stock exchange automates."
Most asset management companies are also facing challenges due to prevailing liquidity constraints while fears of the Zim dollar return have deterred investments on the money market. These fears have since been allayed.
There are 15 registered asset management companies but only a few, particularly
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