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Financial Services

Taking into account the fact that our firm represents and/or works closely with a number of big foreign banks in Zimbabwe, we need to ensure that we are able to draw upon knowledge which impacts on these banks’ day-to-day operations and wider strategic objectives. Uncertain economies demand legal strategies that address regulatory and enforcement risks and the costs of compliance; and now more than ever in Zimbabwe we need to be in a position to understand Zimbabwe’s financial services market, as well as developments in global financial markets. 

Our sector focus involves improving our general understanding so that we are able to pre-empt various issues and developments in these sectors. In the context of the financial services sector this includes legal issues in banking - including restructurings, regulatory demands and compliance costs. This involves more than understanding what local banking legislation states and changes, but also understanding how the global financial markets are performing and the implications of this for our banking clients locally. 

Our focus areas in this regard thus include developments which impact asset managers, building societies, capital markets and their participants, investment banks, national regulators, private banks, private equity firms, professional services organizations engaged principally in financial services as well as retail banks.

Experience has included advising:

  • The African Development Bank on a US$25 million trade line of credit to Central African Building Society (CABS).
  • A regional financial institution on its subscription for a portion of a US$100 million bond issued by Zimbabwe National Road Administration in respect of an Emergency Road Rehabilitation Bond.
  • Investec Bank Limited in respect of a debt restructuring of a chrome company with interests in Zimbabwe, including registering security for the debt restructuring, reviewing and advising on the transaction documents (facility agreements, security documents and resolutions), and advising on various regulatory and legal aspects of the local entities in Zimbabwe.
  • A client incorporated in an offshore trade fund on a US$10 million loan facility to a tobacco company for the purchase, processing and sale of green proceed tobacco.

Commercial papers and debentures

Institutional investors and money market mutual funds typically find that they can obtain a higher rate of return on their investment through the use of commercial papers or debentures.

Blockchain, digital assets and Africa

It is no secret that digital assets create a secure way for people to trade peer-to-peer, across borders without requiring expensive infrastructure.

What investors need to know

Regulatory and compliance is pertinent to every investment and the same is applicable to an investment in Zimbabwe.