Zimbabwe: Tetrad Bank Eyes U.S.$50 Million Bailout

A FIVE-MEMBER delegation partly from the Russian investment group Horizon Capital Consortium Holdings (HCCH), eyeing a major stake in Tetrad Investment Bank (TIB), was expected in Harare yesterday to meet the bank's shareholders to discuss a US$50 million bailout for the troubled financial institution.

HCCH, led by businessman Sergey Pokusaev, wants a controlling stake in the diversified financial company Tetrad Holdings Ltd which owns Tetrad, one of the banks currently struggling for survival in a market where three banks -- Capital, Allied and AfrAsia -- closed recently. A number of other banks have also collapsed in recent years.

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