News / National
Renaissance Merchant Bank reopens
08 Mar 2012 at 21:51hrs | Views
RENAISSANCE Merchant Bank has reopened for business after new shareholders National Social Security Authority appointed a new board following the expiry of the bank's curatorship period.
RMB reopened for business on Monday and NSSA promptly put in place a new board of directors chaired by Allied Timbers chief executive and CZI president Dr Joseph Kanyekanye.
Other board members are Mr Rungano Mbire, Mr Memory Nguwi, Onias Machiridza and Mr Douglas Hoto.
Mrs Maitirwa Mukunoweshuro and Mr Collin Kahuni, who sat on the dissolved RMB board, have been retained for continuity.
NSSA invested US$24 million into the bank and snatched an 84 percent stake in the financial institution after a financial crisis caused by unapproved inter-party transactions.
To dissociate itself from a troubled past, the bank said it would soon rebrand and introduce a number of innovative financial services.
The developments follow the expiry of RMB's curatorship last Saturday. The curatorship was necessitated by the financial crisis that led to its suspension from carrying out banking operations in June last year.
Dr Kanyekanye said the board has engaged Mr Lawrence Tamayi as consultant and acting managing director to lead the bank from the end of curatorship until a substantive director is appointed.
"We are therefore pleased to advise you that the new bank post-curatorship is adequately capitalised and well positioned to resume normal banking business with the public," said Dr Kanyekanye.
He said the bank had since entered into an agreement with depositors to ensure that payments are made in a manner "that will not dislocate the bank".
To buttress the bank's position and ensure all requirements are met, the bank has embarked on a number of initiatives, including adherence to governance and compliance requirements.
Mr Tamayi said the bank would strive for excellence going forward and would exploit all available opportunities to contribute to the recovery and growth of the economy.
"We have reopened. The bank is now fully capitalised in terms of regulatory minimum capital requirements. We are well positioned to have a new bank, which will provide unparalleled service to the banking public. As a bank, we are working on a number of strategies to ensure the bank will be well positioned to introduce innovative banking solutions to the public," said Mr Tamayi.
He said the bank would take advantage of the recovering economy to introduce new products, such as corporate finance and advisory on debt restructure, equity disposal, mergers, acquisitions and capital-raising through initial public offering.
The bank was placed under curatorship in June last year and Mr Reggie Saruchera was appointed by the Reserve Bank to oversee the recovery of the financial institution, which was financially distressed at the time. Its financial problems stemmed from irregular inter-party transactions allegedly perpetrated by former directors and shareholders.
The RBZ moved in prevent a run on deposits that would affect the entire sector and also to protect depositors who had invested a total of US$63 million in the bank.
RMB reopened for business on Monday and NSSA promptly put in place a new board of directors chaired by Allied Timbers chief executive and CZI president Dr Joseph Kanyekanye.
Other board members are Mr Rungano Mbire, Mr Memory Nguwi, Onias Machiridza and Mr Douglas Hoto.
Mrs Maitirwa Mukunoweshuro and Mr Collin Kahuni, who sat on the dissolved RMB board, have been retained for continuity.
NSSA invested US$24 million into the bank and snatched an 84 percent stake in the financial institution after a financial crisis caused by unapproved inter-party transactions.
To dissociate itself from a troubled past, the bank said it would soon rebrand and introduce a number of innovative financial services.
The developments follow the expiry of RMB's curatorship last Saturday. The curatorship was necessitated by the financial crisis that led to its suspension from carrying out banking operations in June last year.
Dr Kanyekanye said the board has engaged Mr Lawrence Tamayi as consultant and acting managing director to lead the bank from the end of curatorship until a substantive director is appointed.
He said the bank had since entered into an agreement with depositors to ensure that payments are made in a manner "that will not dislocate the bank".
To buttress the bank's position and ensure all requirements are met, the bank has embarked on a number of initiatives, including adherence to governance and compliance requirements.
Mr Tamayi said the bank would strive for excellence going forward and would exploit all available opportunities to contribute to the recovery and growth of the economy.
"We have reopened. The bank is now fully capitalised in terms of regulatory minimum capital requirements. We are well positioned to have a new bank, which will provide unparalleled service to the banking public. As a bank, we are working on a number of strategies to ensure the bank will be well positioned to introduce innovative banking solutions to the public," said Mr Tamayi.
He said the bank would take advantage of the recovering economy to introduce new products, such as corporate finance and advisory on debt restructure, equity disposal, mergers, acquisitions and capital-raising through initial public offering.
The bank was placed under curatorship in June last year and Mr Reggie Saruchera was appointed by the Reserve Bank to oversee the recovery of the financial institution, which was financially distressed at the time. Its financial problems stemmed from irregular inter-party transactions allegedly perpetrated by former directors and shareholders.
The RBZ moved in prevent a run on deposits that would affect the entire sector and also to protect depositors who had invested a total of US$63 million in the bank.
Source - Byo24News
