uk Global Banking News - 11 April 2013 The head of the central bank of Zimbabwe has dismissed reports that the government would seize foreign-owned banks that do not comply with black ownership requirements.
What does Fob stand for?
Fob stands for Foreign-Owned Bank
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- Business, finance, etc.
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- Flying Other Brothers (band)
- Foam on Beer
- Follow-On Biologic (drug)
- Followers of the Bananameister
- Foot of Bed
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- Forbes Field (Topeka, Kansas airport code)
- Ford of Britain (Ford Motor Company; UK)
- Foreign Object
Samples in periodicals archive:
In this scenario, the foreign-owned banks would also require about 149 mln euros, mainly EFG Eurobank, as Alpha Bank would secure recap funds from its mother company in Greece.
Three foreign-owned banks are being increasingly pressurized by authorities to adhere to the empowerment policy and are among the major Zimbabwean banks that are sufficiently capitalized.
To fill the gap, these foreign-owned banks have drawn down their reserve balances.
HSBC, which was trying to buy a bank in Thailand as recently as 2010, would loosen ties to the country just as new rules next year let foreign-owned banks open as many as 20 branches.
Both men, who between them owe more than EUR140million to Irish and foreign-owned banks, also used their clients' funds to support their opulent lifestyles.
So far, the banking sector, populated by a host of foreign-owned banks such as Barclays and Standard Chartered, has been treated with utmost sensitivity.
Gono said, however, the central bank remained the sole authority to issue and withdraw bank licences and had no intention of taking action against the foreign-owned banks.