Veteran banker, Lawrence Tam-ayi, appointed to lead the process of hand-over take-over when NSSA bought the bank in February, is now the substantive MD effective this month.
A board has been constituted, led by industrialist Joseph Kanyekanye.
The board has Rungano Mbire, Memory Nguwi, Onias Machiridza, Maitirwa Mukunoweshuro, Collin Kahuni, Douglas Mamvura, Tamayi and Paradza Paradza.
RMB has also paid those depositors that had money trapped in the bank when it was put under recuperative curatorship last year.
The depositors had waited in vain to get their money after the bank was placed under curatorship following an investigation by the central bank showed that it was technically insolvent.
The investigation revealed that founders had siphoned depositors’ funds through related party loans to the main shareholders and their associates akin to a declaration of dividends by shareholders from depositor’ funds.
“Since coming out of curatorship, the bank has paid out all depositors,” Kanyekanye said on Friday.
He said the bank had also given loans to various companies and received deposits.
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Statistics from the central bank showed that as at May 24, ReNaissance’s total deposits were at US$31,5 million. Before the bank’s closure last year, its deposits were over US$60 million, composed of expensive, volatile interbank deposits constituting 62,4%.
Kanyekanye said the bank had also embarked on an aggressive strategy to recover money owed to RMB.
According to a report by BCA Forensic Audit Services released last year, the bank’s major shareholder, Patterson Timba, had violated corporate governance structures and in the end RMB had advanced loans amounting to US$13,9 million in related party transactions and insider loans.
Timba had been fighting to reclaim the bank and reverse its takeover by NSSA.
If he had succeeded in his battle, the move would have resulted in the reversal of the deal and consign RMB to closure.
Timba had argued that the ReNaissance Financial Holdings Limited (RFHL) directors that presided over the disposal of the bank, were not representing the interests of shareholders.
However, the former RFHL founder withdrew the case on Thursday before it was heard in the courts.
NSSA was invited to bail out the bank in a US$24 million deal sealed in February.
As part of the transaction, NSSA got 84% of the total shares, whittling down Timba, Dunmore Kundishora and others’ shareholding to 16%.
