KINGDOM Financial Holdings Ltd (KFHL) has injected $400 million in subsidiary, Discount Company of Zimbabwe (DCZ), placing the discount house’s capi
tal level well above the $500 million minimum prescribed by the Reserve Bank of Zimbabwe.
The fresh capital brings DCZ’s capital levels to over $800 million.
KFHL marketing and public relations director, Farai Mpofu, confirmed in a statement this week that the discount house had surpassed the required capital requirements by $300 million.
“Kingdom capitalised DCZ with an additional sum of $400 million, bringing its capital to over $800 million, well in excess of the statutory limit of $500 million before the September 30 deadline,” Mpofu said.
Mpofu said the discount was now better-placed to invest depositors funds to the “client’s best advantage”.
KFHL, the holding company of DCZ, had contemplated merging the discount house with the commercial banking operations, but resolved to keep the two operations separate following Reserve bank governor Gideon Gono’s monetary policy statement at the end of July.