The Sunday Mail
Online Reporter
Nedbank Zimbabwe, which was among several banks listed by the Reserve Bank of Zimbabwe (RBZ) for having less than required capital, has managed to raise the minimum capital requirements after a rights issue.
In a statement on Monday, RBZ Governor Dr John Mangudya said: “Further to the announcement in the Monetary Policy Statement of February 7, 2022, that Nedbank Zimbabwe Limited was non-compliant with the minimum capital requirement as at December 31, 2021, the Bank is pleased to advise the public that Nedbank Zimbabwe has raised additional capital through a rights issue and is now compliant with the minimum capital requirement of Zimbabwe dollar equivalent to US$30 million.”
As at February 9, 2022 the lender’s reported minimum capital was the Zimbabwe dollar equivalent to US$31,1 million, slightly above the regulatory minimum of the Zimbabwe dollar equivalent to US$30 million.
This leaves AFC Commercial Bank, CBZ Building Society, National Building Society and ZB Building Society on the list of institutions that are yet to meet the US$30 million benchmark by December 2021 as prescribed by the RBZ.
According to the latest Monetary Policy Statement, shareholders at the banks will not be able to get dividends until they meet the requirement.
