Business / Companies
Time Bank reopens
22 Dec 2017 at 10:09hrs | Views
TIME Bank will soon reopen after regularising its operations with the Reserve Bank of Zimbabwe (RBZ).
In a statement yesterday the RBZ registrar of banking institutions said discussions between the central bank and Time Bank have culminated in a resolution for the re-opening of the bank.
"Time Bank shall be resuming banking operations subject to prior inspections by the RBZ to ensure that it has put in place the necessary capital and banking systems and structures.
"Following discussions between the RBZ and Time Bank to address the issues, resolution has been reached, paving way for re-opening of the bank," reads the statement.
Time Bank was placed under curatorship by RBZ for alleged corporate governance infractions between 2004 and 2006 but the local institution strongly disputed the allegations, leading up to its closure on the basis that the main bank had failed to settle its debts with the fledgling institution first.
The Registrar of Banking Institutions advised members that RBZ and Time Bank had historical disputes and during the period the bank was not operating as a banking institution.
"Members of the public are advised that the RBZ and Time Bank of Zimbabwe Limited have had historical disputes, which have been the subject of various litigation. During the period, Time Bank has not been operating as a banking institution," said RBZ.
Last year, RBZ was reportedly locked in negotiations with Time Bank Zimbabwe Limited over monies owed to the latter and whose return may shape the local financial institution's rebound to banking business.
In a statement yesterday the RBZ registrar of banking institutions said discussions between the central bank and Time Bank have culminated in a resolution for the re-opening of the bank.
"Time Bank shall be resuming banking operations subject to prior inspections by the RBZ to ensure that it has put in place the necessary capital and banking systems and structures.
"Following discussions between the RBZ and Time Bank to address the issues, resolution has been reached, paving way for re-opening of the bank," reads the statement.
Time Bank was placed under curatorship by RBZ for alleged corporate governance infractions between 2004 and 2006 but the local institution strongly disputed the allegations, leading up to its closure on the basis that the main bank had failed to settle its debts with the fledgling institution first.
The Registrar of Banking Institutions advised members that RBZ and Time Bank had historical disputes and during the period the bank was not operating as a banking institution.
"Members of the public are advised that the RBZ and Time Bank of Zimbabwe Limited have had historical disputes, which have been the subject of various litigation. During the period, Time Bank has not been operating as a banking institution," said RBZ.
Last year, RBZ was reportedly locked in negotiations with Time Bank Zimbabwe Limited over monies owed to the latter and whose return may shape the local financial institution's rebound to banking business.
Source - Chronicle
