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Genesis Bank voluntarily surrendered its banking licence to the Reserve Bank of Zimbabwe after failing to raise minimum capital requirements.
Through a public notice the DPC, formerly known as the Deposit Protection Board, said it was pushing for the interim liquidation of Genesis Bank.
“The DPC wishes to announce that following the closure of Genesis Investment Bank by the Reserve Bank of Zimbabwe on 11 June 2012, the regulatory authorities have filed for Provisional Liquidation of the institution with the high Court.
“Upon confirmation of the Provisional Liquidation by the High Court, a process which should be concluded by 5 July 2012, DPC will immediately upon verification pay all bona fide depositors up to the maximum insurable amount, while all creditors will be paid during the liquidation process upon realisation of assets,” it said.
The DPC said the exact pay out date would be made public soon.
“A public statement will be issued in due course confirming the pay out dates to all affected depositors and creditors to Genesis Investment Bank,” it said.
The DPC is an autonomous statutory body established under the Banking Act to administer the Deposit Protection Fund.
It commenced operations in 2003, and its primary objective is to provide insurance to depositors in registered deposit-taking institutions including commercial and merchant banks, finance houses, discount houses, and building societies.
The creation of the fund is a Government policy response to a growing need to moderate instability in the banking sector and to protect the public, especially the small depositors against the worst consequences of bank failure. — New Ziana.
Online Reporter