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... The Securities firm faced problems in attracting deposits favourably and obviously were branded alongside several bogus financial organizations that collapsed during the era of economic liberalization. ... The dynamic and rapidly evolving nature of the banking industry gave way to the formation of the holding company. ... It accepts loans payable on demand or at short notice against the pledge of the above-mentioned securities from banking institutions, building societies, asset managers and several other non-banking institutions. ... ” The Zimbabwean Banking Act Chapter 24 section 6 concurs with Ricardo’s statement and as such classifies Discount Houses as banking institutions.
Approximate Word count = 1352
Approximate Pages = 5.4
(250 words per page double spaced)
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