Tetrad Bank up for sale

Troubled Tetrad Investment Bank (TIB) is up for sale and interested parties have up to August 21 to submit their bids, transaction advisers BDO Zimbabwe Chartered Accountants said yesterday.

Tetrad is under the provisional judicial management of the Deposit Protection Corporation (DPC).

This followed the resignation of the previous provisional judicial manager Winsley Militala who had battles with the bank's shareholders on how the institution would be resuscitated with the latter accusing Militala of pushing for the liquidation of the bank.

In a notice yesterday, BDO said: "Tenders are hereby invited from interested parties to acquire the entire shareholding in Tetrad."

A Russian investor, Horizon Capital Consortium, had shown interest in the troubled bank with a promise to inject $150 million.

A representative of the Russian investor, Munyaradzi Kereke, told a meeting of shareholders in April that the transaction was being considered at various levels in government.