HomeBusinessThe return of ‘royal banking’

The return of ‘royal banking’

Mzwimbi confirmed that the transfer of the bank’s assets that had been incorporated into ZABG had been completed, with most staff having been re-engaged.

 

Royal Bank, Trust bank and Time Bank were merged to form the ZABG at the height of the financial crisis in 2004 after the RBZ claimed they were on the verge of collapse.

Trust and Royal had over the years fought over their incorporation into ZABG in the courts. They argued that the move was illegal and were finally re-licenced late last year.

Mzwimbi told Standardbusiness that Royal was introducing new products set to attract new customers and help revive confidence in Zimbabwe’s banking sector.

“In Zimbabwe, we have a US$5 billion deposit base with US$2,1 billion being in the banks,” he said.

“The remainder is not banked therefore we believe we have a very big market to tap from.”

“Our country is becoming a micro-finance economy and therefore as a bank we will be offering products which go hand in hand with the situation since the majority of the people in this country are earning less than US$500.”

He also revealed that Royal Bank was aiming at providing comprehensive and tailor-made products and services to farmers as it strongly believes that not much has been done by the financial services sector for this group.

Mzwimbi said the response from their old clients was “overwhelming” since they resumed operations.

The bank will be opening new branches in Karoi, Gwanda, Nyanga, Chipinge and Hwange so that farmers would be able to conduct banking transactions in their respective areas.

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