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No merger plans as yet – Genesis

Ndamu Sandu

GENESIS Investment Bank has no plans to merge with any financial institution at the moment, chief executive officer, Fulton Chibaya, said this week.



Arial, Helvetica, sans-serif”>”At this point in time we are not looking at mergers. We want the bank to grow organically,” he told businessdigest.


Many financial institutions are battling to find a suitable partner to increase their capital bases and meet the requirements of the Reserve Bank of Zimbabwe (RBZ).


The deadline for capital requirements is Thursday next week and commercial banks have to raise $10 billion, building societies, merchant banks and finance houses $7,5 billion while discount houses need $5 billion.


Chibaya said the bank had enough resources to meet the capital requirements of the Reserve Bank.


“We have the capital to meet the deadline,” he said.


Genesis Investment Bank was formed after Genesis Capital Group acquired a majority shareholding in Trade and Investment Bank (TIB) in February 2001.


Before the takeover, TIB was headed by former Reserve Bank of Zimbabwe governor Kombo Moyana.


Genesis was thrown into turmoil in 2002 resulting in the intervention of the central bank, which placed it under curatorship from July to December 31.


Chibaya said the bank was poised for positive results in the second half of the year.

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