RMB to pay depositors over the next 8 to 12 months

FinX-After getting the $24 mln capital injection from NSSA, ReNaissance Merchant Bank is now open for business and has met the minimum requirements. The group will also rebrand both the name and banking process mainly to deal with perception issues as the bank tries to re-establish itself.

A board had been appointed, which is chaired by Joseph Kanyekanye. The other members include Lawrence Tamayi, who is the acting MD and consultant, Rungano Mbire, Memory Nguwi, Onias Machiridza and Douglas Hoto. Two other board members Collin Kuhuni and Maitirwa Mukunoweshuro have been retained from the previous board to ensure continuity and retain corporate history memory.

More importantly, Tamayi said the bank had entered into arrangements with depositors and had structured a payment plan. Payments will start from March 31 and will be staggered over the next 8 to 12 months.

“However some of the depositors have indicated that they do not have an intention to pull out.”

Tamayi said that there was a scope for growth at the bank as it was no longer owner managed. The group would expand and focus more on corporate finance and advisory services. These include debt and equity capital raising, disposals and non-core business etc. “The bank has the capacity to provide these services.”

He could not be drawn into saying if the bank would apply for a commercial licence. “We are working on a number of strategies but the focus would be on skills and technology.”

The new shareholders, NSSA now own 84% of the group while the remainder is held by the former owners. Kanyekanye said that NSSA’s shareholding would increase going forward.

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