5-day reprieve for Barbican, Royal and Trust depositors

Shakeman Mugari/Conrad Dube

THREE banks placed under curatorship last year will briefly open next week for depositors to access their funds.



ns-serif”>The three banks, Barbican, Royal and Trust, are however not opening under the planned Zimbabwe Allied Banking Group (ZABG) project as initially planned. They will open as separate entities because ZABG is not yet ready for launch.


Depositors have only five days from Monday, January 24 to 28 to access their monies from the respective banks.


It is understood that following pressure from the public, the Reserve Bank of Zimbabwe on Tuesday ordered the curators of the three banks to speed up the payout process by opening their respective financial institutions.


The payments will come from funds collected from creditors of the closed banks.


“Customers of these financial institutions will be able to access their funds up to $5 million during this period. Thereafter customers can liaise with their branches to make appropriate arrangements,” said a notice released yesterday.


“Customers of Barbican Bank, Royal Bank and Trust Bank are requested to go to the branches where their accounts are domiciled to minimise delays.”

It added that while customers would be able to access funds of up to $5 million, balances above $5 million would be dealt with in terms of the appropriate legislation.


The Troubled Financial Institutions (Resolution) Act says amounts in excess of $5 million will be converted into equity in ZABG.


The bank statement said customers would not be able to access their funds through ATMs or point-of-sale terminals during this period.


It also emerged this week that the ZABG is still far from ready for opening because it is still stuck in an administrative and legal quagmire.


As of yesterday the bank was still conducting interviews to fill critical posts. Currently only a few people have been confirmed as employees of the bank.

The other employees affected by the closure of their banks are yet to know their fate.

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