Business / Companies
AfrAsia Bank runs out of money
17 Sep 2014 at 04:54hrs | Views
AfrAsia Bank depositors yesterday complained bitterly that they failed to access cash from the bank.
While AfrAsia was recently limiting withdrawal due to solvency challenges, matters came to head yesterday when depositors spent the whole day at the bank's Graniteside branch without accessing cash.
A few customers were eventually allowed into the banking hall, trying to negotiate their way in. The bank last week admitted that it was suffering the effects of the prevailing acute liquidity crisis.
Spokesperson for the bank Sekai Chitemerere said due to liquidity challenges, the bank has to introduce intermittent daily withdrawals.
The bank rebranded from Kingdom Bank following a 62,5% share takeover by AfrAsia Bank Mauritius is also making frantic efforts to raise $100 million in fresh capital.
While AfrAsia was recently limiting withdrawal due to solvency challenges, matters came to head yesterday when depositors spent the whole day at the bank's Graniteside branch without accessing cash.
A few customers were eventually allowed into the banking hall, trying to negotiate their way in. The bank last week admitted that it was suffering the effects of the prevailing acute liquidity crisis.
Spokesperson for the bank Sekai Chitemerere said due to liquidity challenges, the bank has to introduce intermittent daily withdrawals.
The bank rebranded from Kingdom Bank following a 62,5% share takeover by AfrAsia Bank Mauritius is also making frantic efforts to raise $100 million in fresh capital.
Source - dailynews