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Barbican fails to re-open

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Barbican Bank, one of the three banks relicensed in 2010 to resume operations following the unbundling of the Zimbabwe Allied Banking Group (ZABG), has failed to resume operations.

Presenting his Monetary Policy Statement on Tuesday, Reserve Bank of Zimbabwe governor Gideon Gono said following the unbundling of ZABG, Barbican was relicensed together with Royal Bank and Trust Bank.

Gono said Barbican, however, failed to resume operations within the 12-month period provided for in the Banking Act.

The other two banks, Royal and Trust Bank, have since re-opened their doors

“In view of the expiry of Barbican Bank’s licence on 30 September 2011, the Reserve Bank notified the bank of its intention to cancel the banking licence in terms of the provisions of the Banking Act,” said Gono.

“The bank appealed to the Minister of Finance and the Reserve Bank is still awaiting the Minister’s response.”

Meanwhile the central bank also announced the extension of the Renaissance Merchant Bank curatorship to next month.

“Pursuant to the expiry of the initial six-month curatorship period on 2 December 2011, the Reserve Bank extended the period of curatorship to 3 February 2012,” reads part of the monetary policy statement.

“The curatorship period has now been extended to 3 March 2012 to enable the curator to finalise recapitalisation initiatives currently underway.”

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