Investments In Zimbabwe: Arnaud Lagesse (AfrAsia Bank), "We Are Calm for the Future"

8 years, 8 months ago - May 17, 2013
Chairman of the Board of Directors of Bank AfrAsia Arnaud Lagesse says be calm compared to the future after the problem occurred in Kingdom Bank Limited, a subsidiary of AfrAsia Kingdom (Zimbabwe), in which it holds 36% of shares worth $ 9.5 million.

"It is wrong to say that the bank will collapse, it will not happen. It's a bad feeling, "said for his part, CEO AfrAsia, James Benoit. It was during a press conference yesterday to clear up any misunderstanding about that flows from the publication of an article in some Zimbabwean media.

This investment in this AfrAsia Zimbabwean bank was in January 2012 with the decision of the Board to invest in the region. It represents only 1% of its assets by about a billion. "This investment was also strategic for us, since Africa is part of the development strategy AfrAsia and Zimbabwe, despite its political problems and despite what you may think of the Mugabe regime, represents In our opinion, the potential for development in a not too distant future, "said Mr. Lagesse. The problem at the Kingdom Bank Limited, stems, he says, a case of "non-performing loan" where the client is trying to defend his position in order not to lose in this case. "We, we, the full support of the Zimbabwean authorities, the government and the Central Bank of the country. We are, therefore, serene compared to the future, "he added.

For his part, Mr. Benoit said that the bank is functioning normally and we are currently addressing this matter amicably. "Operations in Zimbabwe have no impact on those of Mauritius or an operational and financial point of view or" he said, before highlighting the board AfrAsia Mauritius has comprehensive view of all aspects of operations in Zimbabwe. Arnaud Lagesse added that what is happening in this country does not affect the activities of AfrAsia Mauritius, that in order to reassure its customers. "The problem is with a client in Zimbabwe where we have a lot of customers," he said.

Asked by Le Mauricien on the choice of Zimbabwe compared to other countries more democratic regime, Mr. Lagesse stressed that the country had reached the bottom of the wave and the potential to go up the slope was important. "The investment we have turned to the future. Zimbabwe, by the riches of his basement, by the quality of its people and by foreign investment coming into the country, is for us a real potential for growth, "he said. According to him, Zimbabwe is a logical investment for land AfrAsia knowing that the bank also look at other potential investments in other neighboring countries in East Africa. He also said that Zimbabwe has an economy that is "dollarized" completely. "We are investing, therefore, with a dollar exchange risk is almost zero. The greenback is outstanding. Inflation is almost zero. This is another criterion that guided us in our investment, "he emphasized.

 

Text by Le Mauricien

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