The Reserve Bank of Zimbabwe (RBZ) yesterday extended the curatorship of Interfin Bank Limited and its curator Peter Bailey to June next year.
Report by Business Reporter
Interfin Bank was placed under curatorship in June after it was found not to be in a safe and sound financial position.
“Take notice that the reserve Bank of Zimbabwe has extended the period of curatorship for Interfin Bank Limited from December 11 to June 9 2013. At the same time the Reserve Bank has extended the appointment of the curator accordingly,” the central bank said in a statement.
RBZ said it placed the bank under curatorship to protect depositors and creditors of the bank.
At the time of being placed under curatorship, Interfin Bank had a negative core capital of $92,9 million. “In particular, the unsafe and unsound condition of Interfin Bank Limited is attributable to inadequate capitalisation, concentrated shareholding and abuse of corporate structures, high level of non-performing insider and related party exposures,” the central bank said.
