1 February 2013

Zimbabwe: Tetrad Goes for Banking Licence

Tetrad Investment Bank has complied with the Reserve Bank of Zimbabwe's minimum capital requirements, sources close to the group said.

Report by Chris Muronzi

The sources said the group had capitalised the bank from its internal resources.

Tetrad Group controls Tetrad Investment Bank, THI Insurance, a company specialising in tobacco insurance and other short-term insurance services as well as a property firm -- Tetrad Properties.

Contacted for comment, Tetrad Group chief operating officer Emmanuel Chikaka said his group was happy with their progress towards capitalisation, referring specific questions to the central bank.

"Preparations are advanced towards the launch of our commercial bank and we are working with the central bank to meet all their requirements," Chikaka said. "Our application for a commercial bank is being considered by the Reserve Bank of Zimbabwe."

Chikaka said he was optimistic the recent restructuring of the group had refocused the group going into the future. The group appointed Tineyi Mawocha as the bank's managing director in line with the group's plan to go into retail.

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