New banking, finance firm sets base in Zim

A NEW international banking and finance consultancy firm known as Bard Santner Markets has been established in Zimbabwe, giving the domestic market an opportunity to securitise assets held outside the country and open fresh lines of credit.

In line with President Mnangagwa’s vision of establishing a private sector-led economy, the country’s capital markets regulator and other regulatory bodies have been aiding Government efforts in creating an enabling environment that will help businesses flourish.

The company is led by a local business consortium that comprises Senziwani Sikhosana, an experienced wealth manager, Tatenda Hungwe and Alfred Mthimkhulu as well as international finance expert Vinod Bussawah from Mauritius.

Mr Sikhosana and Mr Bussawah worked for various banks in Zimbabwe and Mauritius respectively, while Hungwe and Mthimkhulu bring in wealth management and economic expertise to the team.

Mr Hungwe, the Bard Santner Markets executive director, said the company will offer new products and services that are not available in the local market.

“Bard Santner Markets is a new advisory (firm) licensed and regulated by the Securities and Exchange Commission of Zimbabwe,” Mr Hungwe said.

“It is an investment advisory with specialised focus on international banking and financing. Its areas of expertise are: Securitising internationally held assets and unlocking lines of credit and facilities for individuals and corporates offshore.”

Mr Hungwe added: “Capital is generally scared and timid, but we have found a way to make it feel safe and comfortable in our home market, Zimbabwe. It takes having wide financial networks, the right relationships in place and looking at things differently and break new ground in such areas.”

He said securitising internationally held assets was critical as it would allow capitalseeking individuals and corporates to borrow offshore in markets where the macroeconomic fundamentals, especially interest rates, are stable and repayment terms favourable.

“Zimbabweans are sitting on a lot of dead capital regionally and abroad, that is assets that are not working mainly in the form of freehold property,” Mr Hungwe said.

“Through our network of international banks and financial institutions, we have arrangements in place to securitise and unlock value from those assets.”

Unlocking lines of credit and facilities for individuals and corporates offshore is key.
“There is a lot of scared capital that wants to participate in Zimbabwe’s opportunities but is hindered by perceived country risks,” he said.

“We can unlock offshore lines of credit for corporates and credit facilities for individuals through our network of international banks and financial institutions.”

Zimbabwe has a well-developed financial services sector, with banks, microfinance institutions, and stockbroking firms, among other entities.”-The Herald