THE People’s Own Savings Bank (POSB) has been given permission from Mutapa Investment Fund (MIF) – its shareholders, to begin seeking possible joint venture partners for the 49 percent of the bank that is set aside for partial privatisation.
MIF is Zimbabwe’s sovereign wealth fund with a key focus on value and wealth creation for the good of the nation.
It currently has 100 percent shareholding in POSB. The partial privatisation of the entity is part of the government’s parastatals reform agenda meant to restructure underperforming public entities and make them profitable.