RBZ comes hard on bank shareholders

BY TAURAI MANGUDHLA
SHAREHOLDERS at financial institutions that have failed to meet new minimum capital requirements will forgo dividends until their firms comply with the central bank’s directives, the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said yesterday.

The State-run AFC Commercial Bank, together with Nedbank Zimbabwe, CBZ Building Society, National Building Society and ZB Bank failed to meet the US$30 million benchmark by December 2021 as prescribed by the RBZ.

According to a monetary policy statement released yesterday, these financial institutions will not be permitted to pay dividends without prior approval by the central bank.

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