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RBZ withdraws Avis Bank's licence for failing to start operations

by Staff reporter
25 Nov 2023 at 07:50hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has cancelled Avis Bank Limited licence after the financial institution failed to commence operations as per registration requirements.

According to Legal Identity Identifier (LEI), the bank was registered on August 30, 2022.

An RBZ statement shows that the company was issued with a licence to trade as a merchant bank in Zimbabwe on June 7, 2022.

In a statement, the central bank announced it had revoked the bank's licence.

"It is hereby notified, in terms of section 15 of the Banking Act [Chapter 24:20], that the Registrar of Banking Institutions has cancelled AVIS Bank Limited licence with effect from the date of this notice.

"Avis Bank Limited was granted a Merchant Bank Licence on 7 June 2022 in terms of the Banking Act [Chapter 24:20] but has, to date, failed to commence banking business.

The RBZ added that Avis failed to meet requirements to start operations.

"The institution failed to put in place requisite systems and structures required to commence banking business. Having failed to meet licensing conditions, the institution did not have any depositors on its books."

The RBZ minimum licensing requirements for banking institutions state that a company must provide their certificate of incorporation before being issued a licence but records show that Avis acquired it two months after being licenced.

Avis limited bank's website appears online but it cannot be accessed to view its ownership and origin and cannot be found on any online platform.

Source - zimlive
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