|Renaissance Bank curatorship lifted|
|Tuesday, 06 March 2012 16:34|
The Reserve Bank of Zimbabwe (RBZ) has lifted Renaissance Merchant Bank’s curatorship, a move expected to result in depositors getting access to their funds.
This comes after the National Social Security Authority (NSSA) gained control of the bank after acquiring 84% stake from Renaissance Investment Banking Holdings last month in a deal worth US$24 million.
As the majority shareholder in the banking arm, NSSA has also appointed a new board of directors chaired by an industrialist, Dr Joseph Kanyekanye to protect its business interests.
A business analyst, Mr Zacks Murerwa says the lifting of the bank’s curatorship means that its depositors are likely to access their funds.
“I think the bank’s depositors are likely to get their funds again so lets wait and see,” said Mr Murerwa.
NSSA’s acquisition of the majority shares in Renaissance is expected to give a cash injection of US$9,8 million into the bank, helping it to meet RBZ's minimal capital thresholds of US$10 million for merchant banks.
An investment portfolio consultant, Mr Simon Chaita says stakeholders are waiting to assess how the bank will restore depositors’ confidence.
“We need to assess everything and see whether this is the right step in the business modules of the bank,” he said.
Renaissance Merchant Bank was placed under curatorship for six months in June last year to facilitate investigations and to come up with corrective measures following dealings that allegedly exposed the bank to a negative capital of US$16 million.