1999: Interfin Bank Limited was incorporated in Zimbabwe as Interfin Merchant Bank Zimbabwe Limited. The bank was registered on October 15 1999 in terms of the Banking Act.
2009: In December, Interfin acquired 51% shareholding in CFX Financial Services Limited following under subscription of the CFX $10 million rights issue.
2010: In June, Interfin Banking Corporation (IBC) bought CFX Bank assets in exchange for over five million shares, which resulted in IFS owning 40,32% of IBC.
The road to curatorship . . . What triggered the collapse? • The bank had a negative core capital of $92,9 million as at June 2012• As at December 31 2011, the bank had insider loans to the tune of $2,97 million.
• Most related companies have accessed depositors’ funds through insider loans of $59,91 million, which are not performing.
• The entities include Interfin Resources, Interfin Nominees, Interfin Securities and Interfin Holdings Limited.
• The bank’s financial results for the year ended December 31 2011 are outstanding and it is understood that its external auditors had raised concerns over a going concern status of the bank.
• Gross violation of prudential lending.
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• Interfin Bank failed to comply with the stipulated deadline for submitting its annual board and director evaluations for the year ended December 31 2011.
• As at May 2012, the bank had a total of $36,5 million unsettled payments.
• June 4 2012—The Reserve Bank of Zimbabwe launched investigations into Interfin Bank.
• June 8 2012—Examination concludes.
• June 11 Interfin bank placed under curatorship
• December 2012 — Only time will tell!
