gono 11-11-10.jpgThe Reserve Bank of Zimbabwe (RBZ) says two out of the three banks that were in the red are now safe after successfully courting investors who will inject capital for the financial institutions to meet their minimum capital requirements.

ZABG, Royal Bank and Genesis Bank have been operating in the red and were given the first of April to comply with the central bank’s minimum requirements of US$12,5 million.

Updating journalists on the capitalisation of banks, RBZ Governor, Dr Gideon Gono said two banks have managed to find strategic partners.

Speaking on the same platform, Finance Minister Tendai Biti said with US$1,3 billion financial support being dangled on offer by the African Development Bank (ADB), government should adopt a serious engagement with multilateral institutions to settle its national debt currently standing at US$9,1 billion.

ZABG received its capital injection from Treble and Kays investment arm which is partly owned by the Minister of Mines and Mining Development, Dr Obert Mpofu while Royal Bank has partnered with Kenyan investors.

Anxiety had gripped the financial services sector over the failure by the three banks in meeting the minimum capital requirements from the central bank.

However, the certification of the two will certainly bring a sigh of relief to depositors.