The Reserve Bank of Zimbabwe (RBZ) has announced that Time Bank Limited is set to start operating after more than 10 years. The bank’s registration was called in 2004, and it was placed under curatorship in 2006 when the bank had a negative equity of Z$174 billion.
Here is the notice from the RBZ:
TIME BANK OF ZIMBABWE LIMITED
1.Members of the public are advised that the Reserve Bank of Zimbabwe and Time Bank of Zimbabwe Limited have had historical disputes, which have been the subject of various litigation. During this period, Time Bank has not been operating as a banking institution.
2. Following discussions between the Reserve Bank of Zimbabwe and Time Bank to address the issues, resolution has been reached, paving way for re-opening of the bank.
3. Time Bank shall be resuming banking operations subject to prior inspections by the Reserve Bank of Zimbabwe to ensure that Time Bank has put in place the necessary capital and banking systems and structures.
Registrar of Banking Institutions
Reserve Bank of Zimbabwe