Royal Bank Zimbabwe

Royal Bank Zimbabwe, whose complete name is Royal Bank Zimbabwe Limited, commonly referred to as Royal Bank, was a licensed commercial bank in that formerly operated in Zimbabwe.[1]

Royal Bank Zimbabwe
Private
IndustryFinancial Services
FateLiquidation
Founded2001
Defunct2012
HeadquartersHarare, Zimbabwe
Key people
Peter Simhanga Chikumba
Chairman
Jeffrey Mzwimbi
Executive Director
ProductsLoans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
WebsiteHomepage

Overview

Royal Bank was a privately owned financial institution and small financial services provider in Zimbabwe. As of June 2012, the bank's total asset valuation is not publicly known. The shareholder's equity in the bank was estimated at about US$12.5 million, the minimum capital requirement for a commercial bank in Zimbabwe, effective December 2010.[2]

History

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 its decision and reissued the commercial banking licences of the three banks that had been closed. Royal Bank reopened in February 2011, after six years of enforced closure.[3] ZABG also retained its banking licence. As of December 2010, the number of licensed commercial banks in Zimbabwe, was nineteen.[4]

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.[5][6] However, both parties failed to finalise on the deal within the allowed regulatory time frame thus the deal lapsed.[7]

Closure and liquidation

On July 27, 2012, the board of directors of Royal Bank Zimbabwe resolved to surrender the institution's banking licence to the Reserve Bank of Zimbabwe and shut down its business in the country. This followed the determination by the Reserve Bank of Zimbabwe that Royal Bank was no longer in a "safe and sound financial condition". The board of directors' resolution was due to under capitalization of the bank, accumulated of losses, liquidity challenges and high level of non-performing loans.[7] The central bank is in the process of liquidating Royal bank and reimbursing depositor funds.[8]

Branch network

As of June 2012, Royal Bank maintains a network of branches at the following locations:[9]

  1. Main Branch - 8th Floor Takura House, 67 Kwame Nkrumah Avenue, Harare
  2. Karoi Branch - 9 Harris Street, Karoi
  3. Gwanda Branch - 6 Fourth Avenue & Lawley Street, Gwanda
  4. Nyanga Branch - 18 Rochdale Road, Nyanga
  5. Chegutu Branch - 110 Queen Street, Chegutu
  6. Lobengula Branch - 9 & 10 Lobengula Mall, 6th Avenue Extension, Bulawayo
  7. Hwange Branch - Coronation Drive, Hwange
  8. Rusape Branch - 13 Robert Mugabe Street, Rusape
  9. Kadoma Branch - 156 Herbert Chitepo Street & Mukwati Street, Kadoma
  10. Ascot Branch - Shop 7 Ascot Complex, Bulawayo
  11. Chipinge Branch - 75 Main Street, Chipinge
  12. Marondera Branch - 253 Shop 2, The Green, Marondera
  13. Kwekwe Branch - 35 North Mandela Way at 3rd Street, Kwekwe
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See also

References
  1. Mpofu, Bernard (17 September 2010). "Zimbabwe: Return of Banks Will Lead to Dog Fight - Tetrad". Zimbabwe Independent (Harare). Retrieved 6 September 2017.
  2. Ruzvidzo, Victoria (16 April 2010). "Zimbabwe: Royal Bank Ready to Take Off". The Herald (Harare). Retrieved 6 September 2017.
  3. eDuzeNet. "Royal Bank of Zimbabwe Reopens Six Years After Being Closed". Bulawayo24 News. Retrieved 6 September 2017.
  4. Sibanda, Golden (17 December 2010). "Zimbabwe: All Set for Royal Reopening". The Herald (Harare). Retrieved 6 September 2017.
  5. Royal Bank Finalising Deal With Kenyan Investor
  6. Royal Bank Meets Capital Requirements
  7. "Surrender of Licence and closure of Royal Bank Zimbabwe Limited" (PDF). Reserve Bank of Zimbabwe. 31 July 2012. Retrieved 31 December 2014.
  8. Kadzere, Victoria Ruzvidzo and Martin (29 July 2012). "Zimbabwe: Royal Bank Shuts Down". The Herald (Harare). Retrieved 6 September 2017.
  9. Branches of Royal Bank Zimbabwe Archived 2012-03-26 at the Wayback Machine
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