Deutsche Bank Cuts Ties to Zimbabwean Unit of Standard Bank
- Cut-off adds to long list of international banks pulling out
- Parent company provides U.S. dollar clearing for Stanbic Bank
This article is for subscribers only.
Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd.’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation.
Stanbic Bank Zimbabwe Ltd., as the local unit is known, is the latest lender to have its U.S. dollar correspondent banking services -- which are key to facilitating foreign currency exchange and payments -- terminated by an international bank.