Zimbabwe’s finance minister, Tendai Biti, has called on South African banks with operations in Zimbabwe to think of listing on the Zimbabwe Stock Exchange or they may be compelled to do so.

It is believed that Biti disclosed this shocking news to the government newspaper, The Herald.

Biti allegedly said the state will pass laws demanding all banks, including international lenders, to have their shares on the ZSE.

It is understood that the rationale for this move is to assist these companies to raise funding.

It is not clear why he only targeted banks and not companies in other sectors.

“Hopefully, the regulations will be gazetted this Friday to compel banks to list on the stock exchange in the next two years,” Biti reportedly told The Herald, adding this is aimed at preventing future bank failures.

The banks will also be urged to spread their services to rural people.

Fin24 named South African banks operating in Zimbabwe but not listed on the local bourse as Stanbic Bank (Standard Bank Group, MBCA (Nedbank Group), and CABS (Old Mutual).

The South African financial news website named other international banks as Barclays Bank, which is already listed, and Standard Chartered Bank.