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ReNaissance Bank reopens


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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