New Zimbabwe.com

Time Bank to reopen, says RBZ

TIME Bank Zimbabwe whose trading licence was cancelled in 2006 is set to resume operations soon after an agreement was reached between the institution and the Reserve Bank of Zimbabwe (RBZ).
The commercial bank was put under curatorship between 2004 and 2006 by RBZ following a probe which indicated its balance sheet had a negative equity of Z$174 billion.
The back was later closed but the management successfully appealed the decision at the Administrative Court but RBZ decision never restored its operating licence.
However, in a notice published Friday, the central bank said an agreement had been reached over the issue.
“Members of the public are advised that the Reserve of Zimbabwe and Time Bank of Zimbabwe Limited have had historical disputes, which have been subject of various litigation, RBZ Registrar of Banking Institutions,” said in a notice.
“During this period, Time Bank has not been operating as a banking institution.”
The notice added, “Following discussion between the Reserve Bank of Zimbabwe and Time Bank to address the issues, resolution has been reached, paving way for reopening of the bank.”
“Time Bank shall be resuming banking operations subject to prior inspection by Reserve Bank of Zimbabwe to ensure that Time Bank has put in place the necessary capital and banking systems and structures.”
RBZ governor John Magudya told Parliament last year that they were in discussion with the bank over some $15 million the central bank owed Time Bank.    Advertisement