Two banks closed


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Two banks, Genesis Investment Bank and Interfin Bank, were forced to stop operations after they were found to be seriously undercapitalised, the central bank said today. Genesis Investment Bank Limited surrendered its banking licence after failing to attract investors to finance its recapitalisation. Interfin Bank Limited was placed under curatorship for a period of six months after the central bank determined that the institution was not in a “safe and sound financial condition.” Interfin was found to be heavily exposed with US$105 489 614 in loans and advances against a paltry US$3 567 in its Real Time Gross Settlement account.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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