Time Bank Set To Reopen After More Than 10 Years

In a statement yesterday the Reserve Bank of Zimbabwe (RBZ) registrar of banking institutions said that Time Bank is set to reopen following discussions between the central bank and the financial institution.

The statement reads:

Time Bank shall be resuming banking operations subject to prior inspections by the RBZ to ensure that it has put in place the necessary capital and banking systems and structures. Following discussions between the RBZ and Time Bank to address the issues, resolution has been reached, paving way for re-opening of the bank.

Time Bank was placed under curatorship by RBZ for alleged corporate governance infractions between 2004 and 2006. The bank disputed the allegations, leading up to its closure on the basis that RBZ had failed to settle its debts with them.