On Sunday June 28, 2015, The Sunday Mail Business published a story titled “Metbank, Tetrad on the brink”, which said Metbank had a core capital of US$19,7 million, below the minimum capital requirements of Tier II banks of US$25 million.
It was further reported that the bank was failing to meet its obligations to depositors, and had failed to show the Reserve Bank of Zimbabwe commitment fees from its investors.
However, the Reserve Bank of Zimbabwe on July 3, 2015, and our own subsequent investigations, showed that Metbank’s core capital position had infact increased to US$31 million as at March 31, 2015, which is above the requirements of Tier II banks.
It has also since come to light that through restructuring of the liabilities of large creditors and discontinuing of borrowers receivables, the bank is now able to settle small depositors that are now being serviced normally.
The Sunday Mail Business wishes, therefore, to retract its story and apologise to management, directors and stakeholders of Metbank for the inconvenience that the publication of the story caused. – Editor