Holtzman appointed chair of Vic Falls financial centre

Business Reporter
THE Government has appointed seasoned banker Mr Marc Holtzman as the board chairperson of the Victoria Falls International (Offshore) Financial Services Centre to tap into his wealth of offshore banking experience.

Finance and Economic Development Minister Professor Mthuli Ncube said the appointment of Mr Haltzman was done following consultations with and approval of President Mnangagwa.

“Mr Holtzman brings a wealth of relevant offshore banking experience to the Victoria Falls International (Offshore) Financial Services Centre drawn from his long high-level career in offshore financial services and investment banking,” he said.

Mr Holtzman holds a BA in Economics from Lehigh University and he is a former chairman of Mendian Capital HK, vice chairman of Barclays and ABN Amro Bank, and co-founder and president of MeesPierson EurAmerica.

He was also senior adviser at Salomon Brothers, secretary of Technology and member of the Cabinet, state of Colorado, concurrently, chairman information management commission and governor’s commission on science and technology and also served as president, University of Denver.

Mr Holtzman is currently a member of the board of directors of TeleTech Holdings (United States), JSC Kazkommertsbank (Kazakhstan), The Bank of Kigali and CBZ Holdings.

The offshore financial services centre is expected to scale-up foreign direct investment inflows into Zimbabwe and will help towards developing and deepening the country’s financial services sector.

In investment terms, an offshore financial services center is a jurisdiction that makes available financial services to non-residents with the purpose of circumventing aspects of the non-resident’s home country or jurisdiction.

The Victoria Falls Stock Exchange Limited (VFEX), a licensed securities exchange was established to kick start the Offshore Financial Services Centre (OFSC) earmarked for the special economic zone in Victoria Falls.

The trading currency of the VFEX is US dollars and the VFEX is open to both local and foreign investors.

Analysts said the President’s move is a magic wand being waved to the most intrepid of players in the global financial market.

They believe it is about time the privately held US$96 trillion that drives the world capital markets find a congenial home at the heart of Africa.