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Camelsa.
Operations will start after the curator completed the handover and takeover process and finalised evaluation of the various initiatives, which were under consideration.
In a statement to depositors, Mr Saruchera said deposit balances held with the bank as at June 2, 2011 remain frozen until further notice.
He said deposits received from July 4, 2011 would be available for withdrawal in the ordinary course of business.
“All other banking operations will continue as normal,” he said. “We implore the public to exercise patience and continue to support the bank during the curatorship period.”
RMB was placed under curatorship by the Reserve Bank of Zimbabwe on June 2, 2011 after it was found to be technically insolvent and short of US$10 million, the prescribed minimum capital for merchant banks.
The central bank had moved into Renaissance in April to ascertain its financial status, including profitability, liquidity and solvency.
The apex bank also wanted to investigate the extent of intra-party related lending, intra-group indebtedness and the abuse of office by directors.
It also sought also to validate the gross abuse of depositors’ funds.
During the six months of curatorship, RMB – part of Renaissance Financial Holdings – is expected to be fully recapitalised from a gap of about US$16,7 million.
Despite the latest financial mismanagement at RMB, central bank governor, Dr Gideon Gono says the sector is generally sound.
RMB is the first bank to be placed under curatorship since the 2003/4 banking crisis which saw a total of five banks falling by the way side.
Trust Bank, Royal Bank and Barbican Bank, which formed the Zimbabwe Allied Banking Group, have since been re-licensed with Trust and Royal already operate. Barbican is yet to resume business.
Century merged with Interfin while Time Bank is still preparing for its come-back.
But this could be an indication that banks are still struggling due to undercapitalisation and microeconomic pressures.
Most financial institutions now require fresh foreign capital injection and affluent shareholders to operate viably.
Since the inception of the multiple currency system in 2009, the banking sector has experienced a crisis of depositor confidence and capital inadequacies.
The International Monetary Fund and the African Development Bank have both encouraged Government to deal with the financial sector vulnerabilities to grow the economy.
Online Reporter