STANBIC Bank Zimbabwe has pledged to assist Zimbabwean businesses and external enterprises in boosting international trade through its exchange control department.
The bank’s transactional products and services head, Mr Stanley Sachikonye, says the Stanbic’s exchange control department (ECD) has become a link between customers and the Reserve Bank of Zimbabwe on exchange control matters.
The ECD is responsible for ensuring that exchange control rules and regulations are complied with on all cross border transactions processed through the bank.
“The department processes export documentation to enable exporting customers to ship their goods to foreign consignees and import documentation for our importing customers,” he said.
“The department submits on behalf of clients, applications to RBZ where prior exchange control approvals are required.”
Mr Sachikonye said the ECD unit has a mandate of disseminating directives/circulars received from RBZ, to clients and other stakeholders. He said the department also offers exchange control advisory services to local and foreign clients on export and import procedures, documentation and foreign investments.
These include investment and disinvestment in companies, mergers and acquisitions, restructuring and rights issues, outward cross border investment, external loans among others.
“Stanbic Bank’s role is to facilitate both Zimbabwe business people and external enterprises on processes and documentation requirements and also advises on RBZ Exchange Control Regulations to both parties,” he said.
On outward cross border payments, Mr Sachikonye said the various cross border payments are governed by the Exchange Control Act and directives issued from time to time by the Central Bank.
Stanbic Bank was nominated as the best bank in Zimbabwe in the delivery of commercial payments and financial institution transfers for two years running in 2014 and 2015.
Last year the bank was nominated as a winner of the International Europe Award for Quality by the Global Trade Leaders Club.