Wholesale changes at ReNaissance

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ReNaissance Merchant Bank (RMB) majority shareholder, National Social Security Authority (NSSA), yesterday unveiled a seven-member board to lead the bank as it emerges from curatorship.

The board to be chaired by industrialist Joseph Kanyekanye includes Rungano Mbire, Memory Nguwi, Onias Machiridza and Douglas Hoto, who was recently appointed chief executive officer of Afre Corporation.

Collin Kuhuni and Maitirwa Mukonoweshuro, who were members of the previous board, were retained.
Renowned banker and non-executive director of Fidelity Life, Lawrence Tamayi, was appointed acting managing director and consultant for RMB.

“We are pleased to announce after several months of hard work, the curator Reggie Saruchera successfully took measures to resuscitate the bank resulting in NSSA investing in RMB,” Kanyekanye said.

“We are therefore pleased to advise you the new bank post-curatorship is adequately capitalised and well positioned to resume normal banking business with the public.

“We are currently working on a number of initiatives to buttress our position and also to ensure all regulatory requirements are met.

“Key among these initiatives includes adherence to governance and compliance requirements.”

NSSA recently acquired an 84% stake in RMB.

The NSSA deal involved a cash injection of $9,83 million, conversion of a deposit of $8,5 million with RMB into equity and assumption of a debt of $5,7 million owed to Econet Wireless by RMB and ReNaissance Financial Holdings by NSSA.

Kanyekanye told journalists at a media briefing in Harare yesterday the bank would be rebranded.
“We are going to change the name. It’s something that we will do very soon,” he said.

Acting managing director Tamayi said the bank would focus on corporate finance and advisory services as most companies were implementing recovery or growth strategies including debt and equity raising, disposals of non-core business, mergers and acquisitions, joint ventures with foreign partners and public offering.

“We are working on a number of strategies to reposition the bank and grow a new brand which we are confident will provide the banking public with an exceptional banking experience,” he said.

Upon closure of the bank in June last year, depositor funds amounting to $63 million were trapped in the bank.

Tamayi said arrangements had been put in place for depositors to get their money in a period of eight to 12 months in such a way it does not affect the position of the bank.