HomeNewsReNaissance Bank reopens

ReNaissance Bank reopens

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ReNaissance Merchant Bank (RMB) on Monday reopened its doors to the banking public for the first time after it was placed under curatorship by the Reserve Bank of Zimbabwe a month ago.

RMB, under curatorship for six months, has been placed under the management of Reggie Saruchera of Grant Thornton Camelsa.

A visit to the bank’s branch in Borrowdale indicated the financial institution had indeed resumed operations.

Investigations by the central bank uncovered systematic abuse of depositors’ funds and a high level of non-performing insider and related party exposures that included a $9,8 million loan to former CEO Patterson Timba.

The bank was initially scheduled to open on June 20, but this was delayed to allow the curator to complete the handover/takeover process as well as finalising evaluation of the various initiatives under consideration.

However, those intending to make withdrawals will have to wait a little longer.

“Members of the public are advised that the deposit balances held with the bank as of June 2 2011 will remain frozen until further notice, while deposits received as from July 4 will be available for withdrawal in the ordinary course of business,” Saruchera said in a statement.

“All other banking operations will continue as normal.”

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