Royal Bank Zimbabwe
| Private | |
| Industry | Financial Services |
| Fate | Liquidation |
| Founded | 2001 |
| Defunct | 2012 |
| Headquarters | Harare, Zimbabwe |
|
Key people
|
Peter Simhanga Chikumba Chairman Jeffrey Mzwimbi Executive Director |
| Products | Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages |
| Website | Homepage |
Royal Bank Zimbabwe, whose complete name is Royal Bank Zimbabwe Limited, but is commonly referred to as Royal Bank, was a commercial bank in Zimbabwe. It was one of the licensed commercial banks in the country.
Royal Bank was a small financial services provider in Zimbabwe. As of June 2012[update], the bank's total asset valuation is not publicly known. The shareholder's equity in the bank is estimated at about US$12.5 million, the minimum capital requirement for a commercial bank in Zimbabwe, effective December 2010.
The bank was founded in 2001. In 2004, the Reserve Bank of Zimbabwe (RBZ), the national banking regulator, closed the bank down, together with Barbican Bank and Trust Banking Corporation. The assets of the three shuttered banks, were merged, to form Zimbabwe Allied Banking Group (ZABG).
In September 2010, the RBZ reversed itself and re-issued the commercial banking licenses of the three banks that had been closed. Royal Bank re-opened in February 2011, after six years of forced closure. ZABG also retained its banking license. As of December 2010[update], the number of licensed commercial banks in Zimbabwe, was nineteen.
In March 2012, Zimbabwean media reported that Commercial Bank of Africa Group, a Kenyan financial services conglomerate, had agreed to acquire a 62% stake in Royal Bank of Zimbabwe. However, both parties failed to finalize on the deal within given regulatory time frames thus the deal lapsed.
As of June 2012[update], Royal Bank Zimbabwe is a privately owned financial institution. The detailed shareholding in the bank is not publicly known at this time.
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Wikipedia