Business / Companies
NMB will meet the new RBZ minimum capital requirements, says Mushore
31 Aug 2012 at 06:32hrs | Views
Focus on that particular niche market: NMB CEO James Mushore
NMB board has approved a medium term plan to comply with the new RBZ minimum capital requirements that will be submitted to the regulatory authorities by the due date of September 30, CEO James Mushore told analysts.
He added the bank will meet the December 31 minimum of $25 million adding plans are on course.
In comments accompanying the financial statements, NMB said the bank and the holding company have received firm offers, which have been accepted by the companies, for the purchase of half of an investment property owned by the bank for a consideration of $2.150 million and for the purchase of the Holding company's shareholding in an associate for a consideration of $1.589 million.
Mushore said the group's strategic focus remained the provision of premium financial services to existing and potential high net worth individuals and businesses.
"We continue to focus on that particular niche market," he added.
NMB said growth in capacity will come from credit lines to match increased capital levels but he noted the country risk issues were constraining access to credit lines.
Mushore also told analysts the bank has launched SMS alerts for updates on account transactions and will be launching E-statements in September for daily, weekly or monthly statements.
Mobile banking will be launched in October while internet banking would be upgraded by December 31. State of the art ATMs have also been rolled out.
He added the bank will meet the December 31 minimum of $25 million adding plans are on course.
In comments accompanying the financial statements, NMB said the bank and the holding company have received firm offers, which have been accepted by the companies, for the purchase of half of an investment property owned by the bank for a consideration of $2.150 million and for the purchase of the Holding company's shareholding in an associate for a consideration of $1.589 million.
Mushore said the group's strategic focus remained the provision of premium financial services to existing and potential high net worth individuals and businesses.
"We continue to focus on that particular niche market," he added.
NMB said growth in capacity will come from credit lines to match increased capital levels but he noted the country risk issues were constraining access to credit lines.
Mushore also told analysts the bank has launched SMS alerts for updates on account transactions and will be launching E-statements in September for daily, weekly or monthly statements.
Mobile banking will be launched in October while internet banking would be upgraded by December 31. State of the art ATMs have also been rolled out.
Source - zfn
