|Ailing banks put under curatorship|
|Monday, 11 June 2012 21:02|
The central bank has placed Interfin Commercial Bank under curatorship while Genesis Bank has been placed under liquidation.
In a statement to ZBC News, the Reserve Bank of Zimbabwe announced that Interfin Bank has been placed under curatorship for a period of six months following the financial institution’s liquidity crisis.
Mr Peter Bailey of the KPMG Chartered Accountancy Firm has been appointed the curator of the financial institution that has been failing to provide clients with cash withdrawals following serious liquidity challenges.
In an another development, the central bank has commenced proceedings for the liquidation of Genesis Bank after the financial institution voluntarily surrendered its banking license for failing to raise the minimum capital requirements.
Since 2009, Genesis Bank has been trying to lure over 20 investors to raise the minimum capital requirements of US$12,5 million but to no avail.
Genesis Bank is also accused of capital solvency, liquidity and viability challenges.