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Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 306 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's errant bankers must be punished
Vocal Harare political activist and business advocate, Engineer Jacob Mutisi, has called for stringent accountability for bankers and financial institutions involved in the mismanagement and fraudulen...Published: 05 Dec 2024 at 09:19hrs | 1416 | by Staff reporter
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 618 | by Eng. Jacob Kudzayi Mutisi
Zimbabwe banking sector strengthens amid declining non-performing loans
The Reserve Bank of Zimbabwe (RBZ) has reported a significant improvement in the country's banking sector credit risk landscape, marked by a decrease in the ratio of non-performing loans (NPLs) to tot...Published: 24 Nov 2024 at 09:55hrs | 105 | by Staff reporter
RBZ tells Time Bank to reopen 'but don't take deposits'
TIME Bank, one of a dozen domestic financial institutions that collapsed at the height of Zimbabwe's banking crisis between 2004 and 2008, was yesterday given the nod to re-enter the market under rest...Published: 19 Oct 2022 at 06:01hrs | 1 | by Staff reporter
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 13 | by Staff reporter
Former Zanu-PF official vows to take Mnangagwa head-on
RECENTLY-EXPELLED Zanu-PF Mashonaland Central official Goodman Tamuona Musariri says he is going to challenge President Emmerson Mnangagwa's legitimacy in the courts of law. He allegedly denounced Mna...Published: 06 Dec 2020 at 23:25hrs | 1 | by Staff reporter
Closed banks: Depositors to be compensated in Zimdollars
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed.Currently, the Deposit ...Published: 24 Jul 2019 at 08:20hrs | 3 | by Staff reporter
'Pravin Gordhan has offshore bank account with balance of over R660m in illicit proceeds '
EFF leader Julius Malema claims that Minister of Public Enterprises Pravin Gordhan holds an unlawful bank account in Canada which has a balance of more than R665m. The EFF leader says the funds are th...Published: 27 Nov 2018 at 16:38hrs | 2 | by Staff reporter
Biti in $30 million NSSA scam
The Zimbabwe Anti-Corruption Commission yesterday indicated that it was keen to interview Finance Minister during the Government of National Unity era Tendai Biti over allegations that he instructed t...Published: 06 Sep 2018 at 06:31hrs | 1 | by Staff reporter
Lawsuits for failed banks executives
THE Deposit Protection Corporation (DPC) has sued directors of four failed banks for lack of corporate governance and abuse of depositors' funds.Last year, the deposit protection entity said t...Published: 25 Jun 2018 at 07:27hrs | 1 | by Staff rpeorter
Time Bank re-opens on Monday
Time Bank of Zimbabwe, one of only four remaining indigenous banks will finally open its doors to the public on Monday next week after over a decade of dormancy and running court battles.The c...Published: 04 Jan 2018 at 07:20hrs | 3 | by Business Reporter
Failed banks haunt directors
THE Deposit Protection Corporation says there are sufficient legal instruments to facilitate successful prosecution of directors of failed banks for their roles in causing collapse of the institutions...Published: 19 Nov 2017 at 08:37hrs | | by Staff reporter
Jeff Mzwimbi's property auctioned
DEFUNCT Royal Bank director, Jeffrey Mzwimbi's property yesterday went under the hammer at a public auction after he failed to settle an unspecified debt to Stanley Williams Flowers and Suzanne Fl...Published: 10 Nov 2016 at 05:05hrs | 17 | by Staff reporter
Trust Bank bosses face litigation
THE Deposit Protection Authority has recommended litigation against directors of Trust Bank Corporation Ltd, for fraudulent conduct of business. KPMG, an agent of Depositors Protection Corpora...Published: 22 Jul 2016 at 05:35hrs | 3 | by Business Reporter
Mphoko lashes out at failed bank executives
VICE President Phelekezela Mphoko yesterday blasted banking executives for abusing depositors' money in the wake of a litany of bank failures caused by reckless lending and abuse of depositors' funds....Published: 27 May 2016 at 06:33hrs | | by Oliver Kazunga
New Banking Act gives RBZ more supervision power
The new Banking Act came into effect on Friday last week, giving the Reserve Bank of Zimbabwe more latitude to tighten bank supervision, monitoring and control while diluting controlling individual or...Published: 18 May 2016 at 06:58hrs | 1 | by Golden Sibanda
Account holders with closed banks to be paid by April
THE Deposit Protection Corporation (DPC) and the Reserve Bank of Zimbabwe (RBZ) have finished compiling the list of Zimbabwe dollar account holders whose money was locked in banks that were closed aft...Published: 07 Feb 2016 at 08:13hrs | 1 | by Roberta Katunga
Obert Mpofu to fight $16 million lawsuit
Macro-economic Planning and Investment Promotion Minister Obert Mpofu, who is facing a $16 million lawsuit for failing to surrender immovable assets to the liquidator of his defunct Allied Bank Limite...Published: 29 Sep 2015 at 06:35hrs | | by Fidelis Munyoro
Econet and Steward Bank: Corporate bullying with a huge stink
I HATE bullies, be they human or corporate. Their intention is to instill the fear of God, mainly to avoid scrutiny. I had this feeling about Econet Wireless and Steward Bank in the past few weeks aft...Published: 15 Apr 2015 at 08:23hrs | 1 | by Eliphas Taonezvi
Royal Bank directors must be arrested
Royal Bank creditors and depositors have authorised the bank's liquidator to institute legal proceedings against former directors for abusing depositors' funds. This came after the liquid...Published: 25 Mar 2015 at 17:53hrs | | by Staff reporter
Big wigs suck Zimbabwe banks dry
The majority of banks that folded over the past five months choked on souring loans extended to top executives and serial debtors, The Sunday Mail reported.AfrAsia is the latest victim of toxi...Published: 22 Mar 2015 at 07:09hrs | 2 | by Staff Reporter
'Bank closures normal,' says RBZ boss
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the numerous bank closures seen in recent years are normal in tough economic environments and insisted that the country's banking sector rem...Published: 27 Jan 2015 at 11:47hrs | 2 | by Staff reporter
Royal Bank creditors to submit claims next week
Defunct Royal Bank Zimbabwe (Pvt) Ltd's creditors and members will next week meet with the Deposit Protection Board (DPC) before the Master of High Court for the submission of claims.The meeti...Published: 21 Jan 2015 at 16:26hrs | | by Tawanda Musarurwa
Obert Mpofu's bank collapses
HARARE - The troubled Allied Bank has reportedly surrendered its banking licence after failing to inject more capital to keep it afloat due to economic hardship.In a statement, the RBZ sa...Published: 08 Jan 2015 at 19:30hrs | | by Staff Reporter
For frightened teen from Bulawayo, Canada became a beacon of hope
Dumo Siziba fled Zimbabwe at age 16, fearing for his life. Welcomed into Canada "with open arms," the now 30-year-old lawyer is working to pay it forward.Happy birthday, Dumo Siziba.Th...Published: 16 Nov 2014 at 21:31hrs | 1 | by Scott Simmie
11 Zimbabwe banks distressed
The Depositors Protection Corporation (DPC) says it is closely watching 11 banks exhibiting signs of financial distress under the Capital, Assets, Management, Earnings, Liquidity and Sensitivity to r...Published: 27 Aug 2014 at 15:24hrs | 2 | by Staff reporter
Two Zimbabwean banks face collapse
Two more indigenous banks face collapse due to the persisting liquidity crisis' systemic risk inherent in the financial sector, a report released this week indicated.In a 2014 first half analy...Published: 25 Jul 2014 at 15:29hrs | | by Staff reporter
John Chikura declared Chartered Secretary of the Year
Deposit Protection Corporation chief executive and two-times Institute of Chartered Secretaries and Administrators in Zimbabwe past president John Mafungei Chikura has been declared the 2012 Chartered...Published: 29 Sep 2013 at 08:17hrs | 8 | by Mike Hamilton
Banks ripping off customers
AS the corporate reporting season for the financial year ended December 31 2012 draws to an end, the spotlight has been firmly focused on Zimbabwe's banks, with analysts saying the recently-published ...Published: 05 Apr 2013 at 06:08hrs | | by Staff reporter
Deposit Protection Corporation runs out of cash
Zimbabwe's state-run Deposit Protection Corporation needed $135 million (R1.2 billion) to meet its capitalisation requirements and pay depositors who lost money during the nation's decade-long recessi...Published: 04 Feb 2013 at 11:12hrs | | by Bloomberg
Gono, Biti clash on banks capital requirements
RESERVE Bank Governor Dr Gideon Gono says there is no going back on the new US$100 million capital requirements for banks, but Finance Minister Tendai Biti says he needs to meet the central bank chie...Published: 04 Aug 2012 at 15:02hrs | | by Business reporter
Zim govt blocks minimum bank capital requirements increase
Government has blocked Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono's directive to increase minimum capital requirements for banks to $100 million and ordered the central bank to maintain the s...Published: 03 Aug 2012 at 07:46hrs | | by Staff reporter
Gono raises minimum thresholds for banks by up to 900 percent
Reserve Bank Governor Dr Gideon Gono has raised minimum capital thresholds for banking institutions by up to 900 percent, as he steps up efforts to bring about a stable financial ...Published: 01 Aug 2012 at 06:59hrs | | by Staff reporter
Another Zimbabwean bank falls
ROYAL Bank has surrendered its licence amid revelations that the bank has been involved in serious abuse of depositors' funds and is burdened by non-performing insider loans among a cocktail of operat...Published: 28 Jul 2012 at 04:56hrs | 1 | by Business reporter
Obert Mpofu injects $22 million into ZABG, gains control of the bank
LOCAL private firm Trebor Khays - which is linked to the Minister of Mines Obert Mpofu - has gained control of ZABG after injecting US$22,8 million into the bank, which has resulted in it being fully...Published: 17 Jun 2012 at 13:09hrs | 2 | by Business Reporter
RBZ satisfied with Royal Bank and the ZABG’s recapitalisation plans
HARARE - Zimbabwe's Reserve Bank (RBZ) is satisfied with Royal Bank (Royal) and the Zimbabwe Allied Banking Group (ZABG)’s recapitalisation plans, and it w...Published: 06 Apr 2012 at 20:45hrs | | by Staff reporter
Obert Mpofu linked company buys Zimbabwe bank says Herald
ZABG Bank has reached an agreement with Unicapital of Mauritius and a local private firm, Trebor & Khays, for fresh capital injection to meet regulatory capital requirements. The bank's great esc...Published: 03 Apr 2012 at 07:14hrs | 2 | by Staff reporter
Kenyan bank to Royal bank stake
KENYA-based financial services group Commercial Bank of Africa is set to acquire a 49 percent stake in Royal Bank, which will enable it to meet the minimum capital requirements set by the Reserve Bank...Published: 27 Mar 2012 at 05:44hrs | | by Business Reporter
Release Bulawayo's Dimaf names for transparency
A few days after ZUPA called for speedy disbursement of the Distressed Industries and Marginalised Areas Fund (Dimaf) by Zimbabwe’s Ministry of Industry and Co...Published: 03 Feb 2012 at 14:35hrs | 1 | by Innocent Ndibali
Former RBS banker joins Mugabe's league stripped of knighthood
Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed like the Zimbabwean President Robert Mugabe, the Romanian dictator Nicolae Ceausescu, Anthony Blunt, the keeper of the Q...Published: 01 Feb 2012 at 10:23hrs | 1 | by Ndou Paul
The whys and wherefores of the Eurozone financial crisis
I have often been asked the fundamental question: what are the causes of the ongoing Eurozone financial crisis and why is it so difficult to solve it? The Eurozone financial crisis has its roots in th...Published: 17 Nov 2011 at 07:58hrs | 12 | by Colls Ndlovu
Vingirai charged with 11 counts of theft, out on $2000 bail
FORMER Intermarket Holdings Limited chief executive Nicholas Vingirai was yesterday charged with 11 counts of theft and two of externalisation involving US$300 000, R1 500 000 and Z$5 216 727....Published: 17 Nov 2011 at 04:16hrs | 2 | by Staff reporter
3 Zim banks regularise capital levels
THREE of the six banks that were undercapitalised have since regularised their capital levels as it emerged on Friday that Genesis Bank had been sold to a new consortium while Ecobank shareholders ha...Published: 06 Aug 2011 at 07:55hrs | 1 | by TH Bussiness
Nicholas Vingirai to bounce back as a major shareholder at ZB Holdings
VILIFIED exiled banker Mr Nicholas Vingirai is set to bounce back as a major shareholder of ZB Holdings Limited according to a deal which is being brokered by lawyer and TN Holdings group chief execu...Published: 12 Jun 2011 at 10:21hrs | 13 | by Mafu Sithabile
Royal Bank of Zimbabwe Reopens Six Years After Being Closed
Royal Bank of Zimbabwe Ltd. reopened yesterday after a six-year closure, Newsday reported, citing Chief Executive Officer Jeff Mzwimbi.The closely held lender was close...Published: 22 Feb 2011 at 05:39hrs | 20 | by Byo24News
Former Liverpool owner to sue but not in Texas
Former Liverpool co-owner Tom Hicks has been given the chance to launch massive damages claims over the sale of the club after orders barring action in the US were varied by the High Court....Published: 17 Feb 2011 at 14:14hrs | | by Byo24News
Trust Bank has reopened 10 branches countrywide
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 ...Published: 03 Feb 2011 at 01:51hrs | | by Byo24NEWS
Royal Bank set to bounce back
ROYAL Bank says it will be ready to resume operations by the end of this month and intends to roll out 12 branches countrywide in a fortnight next month. Founding director Mr Jeffrey Mzwimb...Published: 17 Dec 2010 at 01:00hrs | 2 | by Byo24
Trust Bank is back
TRUST Banking Corporation Limited reopened for business yesterday after a six-year absence. The bank is operating a branch at Trust Towers while another branch is set to open in B...Published: 14 Dec 2010 at 11:00hrs | 1 | by Byo24
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