Business / Companies
Trust Bank has reopened 10 branches countrywide
02 Feb 2011 at 20:51hrs | Views
Trust Bank has reopened 10 branches countrywide since its relaunch last December.
Group spokesperson Ms Barbra Muyengwa said the Chinhoyi branch, which came online last week, was the latest to be launched.
"We expect to relaunch all the 16 branches that we had before, and possibly add more, by the end of this year," she said.
The fast-paced relaunch of the bank was entirely being financed by the holding company, Trust Holdings Limited.
Other subsidiaries in the group are Trust Insurance Brokers, Trust Properties and Trust Agriculture, with Trust Bank being the flagship.
Trust Bank was one of the biggest financial dealmakers in the country, handling ' among other large mandates ' the privatisation and subsequent Initial Public Offers of Dairibord Zimbabwe Limited, Cotton Company of Zimbabwe Limited and the Zimbabwe Reinsurance Company of Zimbabwe.
"For any business ' maybe moreso in the banking industry ' goodwill is critical. It makes or breaks a bank, and we are happy this has endured for Trust as evidenced by our rapid re-launch," she said.
Ms Muyengwa said most reopened branches had experienced an influx of old and new clients, some capturing large business accounts within weeks of opening.
She said Trust, the first local bank to have outgrown the traditional financial institutions, is not intimidated to be restarting almost at the tail end of the industry, and in more challenging economic circumstances for the country .
In addition to relaunching strongly at home, Ms Muyengwa said the bank had also re-established key correspondents and other relationships with foreign banks.
"The bank continues to enjoy excellent relationships with international financial institutions developed over the years, enabling Trust to attract funding for the needs of its clientele from sources outside of Zimbabwe's borders," she said.
The bank is one of three financial institutions folded into the Zimbabwe Amalgamated Banking Group (ZABG) by the Reserve Bank in 2005 after suffering liquidity challenges.
It the only one of the trio to have re-launched after being re-licenced by the Reserve Bank last year.
The other two, Royal Bank and Barbican Bank - which were also re-registered at the same time – are yet to re-open.
Group spokesperson Ms Barbra Muyengwa said the Chinhoyi branch, which came online last week, was the latest to be launched.
"We expect to relaunch all the 16 branches that we had before, and possibly add more, by the end of this year," she said.
The fast-paced relaunch of the bank was entirely being financed by the holding company, Trust Holdings Limited.
Other subsidiaries in the group are Trust Insurance Brokers, Trust Properties and Trust Agriculture, with Trust Bank being the flagship.
Trust Bank was one of the biggest financial dealmakers in the country, handling ' among other large mandates ' the privatisation and subsequent Initial Public Offers of Dairibord Zimbabwe Limited, Cotton Company of Zimbabwe Limited and the Zimbabwe Reinsurance Company of Zimbabwe.
"For any business ' maybe moreso in the banking industry ' goodwill is critical. It makes or breaks a bank, and we are happy this has endured for Trust as evidenced by our rapid re-launch," she said.
She said Trust, the first local bank to have outgrown the traditional financial institutions, is not intimidated to be restarting almost at the tail end of the industry, and in more challenging economic circumstances for the country .
In addition to relaunching strongly at home, Ms Muyengwa said the bank had also re-established key correspondents and other relationships with foreign banks.
"The bank continues to enjoy excellent relationships with international financial institutions developed over the years, enabling Trust to attract funding for the needs of its clientele from sources outside of Zimbabwe's borders," she said.
The bank is one of three financial institutions folded into the Zimbabwe Amalgamated Banking Group (ZABG) by the Reserve Bank in 2005 after suffering liquidity challenges.
It the only one of the trio to have re-launched after being re-licenced by the Reserve Bank last year.
The other two, Royal Bank and Barbican Bank - which were also re-registered at the same time – are yet to re-open.
Source - Byo24NEWS
