Rushwaya take over from James Maposa who resigned from the position last year.
In a statement to shareholders on Monday, Standard Chartered bank said”
“Management and staff of standard chartered bank congratulate Samuel Rushwaya on his appointment as chairman of the board of Standard Chartered bank Zimbabwe limited with effect from January 1 2013,”
Rushwaya holds a BSc (Sociology) Honours Degree from University of London. He is an accomplished businessman and sits on a number of other boards such as First Mutual Life Assurance Company (Private) Limited, which he chairs and African Distillers Limited.
He has been on the bard of Standard Charted Bank Zimbabwe Limited as an Independent non excutive director since 2004,” the bank said.
Standard Chartered is already compliant with new capital levels and is as said it “was well positioned to support the growth and expansion of Zimbabwean business”.
In a statement accompanying financial results for the half year to June 30, 2012, Stanchart said it had surpassed the new capital threshold for commercial banks of US$25 million by December 31, 2012.
“The bank is adequately capitalised at US$62 million compared to the minimum regulatory capital of US$12,5 million,” the bank said.
In his mid-term monetary policy review presented this month last year, Reserve Bank of Zimbabwe governor Gideon Gono increased to US$100 million the minimum capital requirements for commercial and merchant banks from the current levels of US$12,5 million and US$10 million respectively.
He gave the banks until 2014 to meet the new thresholds.
But the move has sparked fears that more banks, particularly indigenously-owned institutions, would fold due to a liquidity crunch and an absence of a thriving cash market for recourse by shareholders.
Several banks have collapsed over the past year, largely due to acts of delinquency, mismanagement and poor capitalisation.
Post published in: Business