Zimbabwe - US Banks and Local Correspondent Banks Zimbabwe - US Banks
U.S. banks do not have a presence in Zimbabwe although most international banks such as Barclays Bank of Zimbabwe Limited, Standard Chartered Bank Zimbabwe Limited, FBC Bank, and Nedbank Zimbabwe (formerly MBCA bank) operate in Zimbabwe. With the advent of the financial crisis in 2007 and more stringent reporting requirements in the United States, a number of international banks have cut off correspondent relationships with Zimbabwean banks in the phenomenon known as de-risking. As a result, almost all Zimbabwean banks no longer have correspondent banking relationships abroad which makes it difficult for them to obtain foreign currency.