ECOBANK Zimbabwe managing director Daniel Sackey says shareholders are set to inject an additional $15 million to increase the financial institution’s capacity to underwrite more business and to meet the Reserve Bank of Zimbabwe’s minimum statutory capital requirements.
Report by Pamela Mhlanga Own correspondent
Speaking at a cocktail party for the bank’s clients in Bulawayo last Friday, Sackey said the capital injection would be complete before December 31.
The RBZ gave banks up to December 31 to raise at least $25 million. In July this year, the central bank raised the minimum capital requirements for commercial and merchant banks to $100 million by 2014, up from $12,5 million and $10 million respectively. This triggered an outcry from stakeholders who felt the move would lead to the closure of some banks.
The phased capitalisation approach would see banks complying with 25% of the new capital levels by December 31 this year, 50% by June 30, 2013 and full compliance by June 30, 2014.
“With the new minimum capital requirements in place, the industry is likely to see some changes in the number and shape of players in the year to come,” said Sackey.
“We are committed to be among the top players and we are positioning ourselves to take advantage of opportunities that will arise in order to realise that goal.”
Sackey said next year, Ecobank would re-energise its brand with a new corporate campaign that will reinforce its strength, positioning and focus on Africa. This will be in line with the group’s new messaging platform that “The Future is Pan African”.
Ecobank recently ran a bank balance promotion during the period September to November that saw three customers win prizes after a draw which was conducted at the Friday function.