THE National Social Security Authority (NSSA), one of the major investors in financial services sector, says none of the banks that it has interests in have approached it for bailouts to meet the new minimum capital requirements. Business Reporter
The Reserve Bank of Zimbabwe (RBZ) last year increased minimum capital requirements for banks to $100 million from $12,5 million.
The minimum capital requirements are to be met in a phased timetable by banks until June 2014
NSSA has investments in FBC Bank, ZB Bank, Interfin Bank Limited, FBC Building Society and Capital Bank Corporation.
The authority’s general manager, James Matiza, said NSSA was waiting for RBZ’s monetary policy statement at the end of this month to establish if any of the banks in which it holds shares had failed to meet the central banks’ requirements.
Banks were expected to have raised $25 million by last month.
“We don’t know as of now if any of our banks have failed to meet the minimum capital requirements,” Matiza said.
“If the chief executive officers of these banks don’t come to us to inform us of their status, we wait for the central bank monetary policy statement.”
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He said the boards of the various banks should come up with their own strategies on how to meet the minimum capital requirements.
Early last year, NSSA gained control of Renaissance Merchant Bank, now Capital Bank, after acquiring an 84% stake in a deal worth $24 million.
The bank was placed under curatorship in June 2011 following investigations that uncovered systematic abuse of depositors’ funds, high level of non-performing insider loans and related party exposures that included a $9,8 million loan to former chief executive officer Patterson Timba.
Meanwhile, Matiza said the annual general meeting for Capital Bank was postponed to next month.
