Deposit Protection Corporation Zimbabwe | Protecting Your Deposits.

DEPOSIT PROTECTION CORPORATION

Protecting Your Deposits

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Update on Closed Banks...

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(payments in progress)

Afrasia Bank Zimbabwe Limited | Deposit Protection Corporation Zimbabwe

AfrAsia Bank Zimbabwe Limited (formerly Kingdom Bank) - in final liquidation

  1. Shareholders of the bank surrendered the banking licence to Reserve Bank of Zimbabwe (RBZ).
  2. Subsequently RBZ cancelled the licence of the institution in terms of Section 14 (4) of the Banking Act [Chapter 24:20] and the bank was closed on the 24th of February 2015.
  3. RBZ made an application to place the institution under provisional liquidation in terms of Section 57 (1) (a) of the Banking Act [Chapter 24:20] and for the subsequent appointment of Deposit Protection Corporation as provisional liquidator.
  4. Bank was placed under provisional liquidation by the High Court on 18 March 2015.
  5. Payments to depositors for deposit balances up to a maximum of $500 commenced on 30 March 2015 and is still in progress. To receive your reimbursement if your account balance at the time of bank closure was equal to or below $500, please download claim form by clicking here.
  6. Final liquidation order was granted by the High Court on 29 April 2015.
  7. Payments for deposit balances above $500 have not yet started. First meeting of creditors was held on Friday 31 July 2015 where creditors with outstanding balances above $500 attended the compulsory meeting and had their claim forms accepted by the Master of High Court. To read the Public Notice, please click here
  8. For balances above $500, please download liquidation claim form here.
  9. Once completed and certified by a Commissioner of Oaths, please scan and email to claims@dpcorp.co.zw for onward submission to the Master of the High Court.
  10. Second creditors meeting was held in Harare on 18 November 2015 and in Bulawayo on 19 November 2015. To read the Public Notice, please click here
  11. Special creditors meeting was held on 18 February 2016. To read the Public Notice, please click here.
  12. Any balance above $500 will be paid through the liquidation process on a pro-rata basis.
  13. Enquiries relating to investments or unit trust accounts should be channeled to Mr Peter Kadzere       (Managing Director) of Smartvest Wealth Managers on telephone: +263 4 253110-3; mobile: 0772 573 775 / 0732 573 775; email: pkadzere@afrasiabank.co.zw; address: 71 Selous Avenue, Harare, Zimbabwe.
  14. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.
  15. Download latest update on the liquidation of Afrasia Bank here.

(payments in progress)

(payments in progress)

(payments in progress)

(payments in progress)

Allied Bank Zimbabwe | A member of the Deposit Protection Corporation Zimbabwe

Allied Bank Limited (formerly ZABG) - in final liquidation

  1. Shareholders of the bank surrendered banking licence to the Reserve Bank of Zimbabwe (RBZ).
  2. Subsequently, RBZ canceled the licence of the institution in terms of Section 14 (4) of the Banking Act [Chapter 24:20] and the bank was closed on the 8th of January 2015.
  3. RBZ made an application to place the institution under provisional liquidation in terms of Section 57 (1) (a) of the Banking Act [Chapter 24:20] and for the subsequent appointment of Deposit Protection Corporation as provisional liquidator.
  4. To download RBZ Public Notice, please click here
  5. Bank placed under provisional liquidation by the High Court on 4 February 2015.
  6. Payments to depositors for deposit balances up to a maximum of $500 commenced on 20 February 2015 and is still in progress. To receive your reimbursement if your account balance at the time of bank closure was equal to or below $500, please download claim form by clicking here.
  7. To download DPC Public Notice, please click here.
  8. Bank was placed under final liquidation by the High Court on 4 March 2015.
  9. Payments for deposit balances above $500 have not yet started. First meeting of creditors was held on Wednesday 24 June 2015 where creditors with outstanding balances above $500 attended the compulsory meeting and had their claim forms accepted by the Master of High Court. Download Public notices published in various newspapers here.
  10. For balances above $500, please download liquidation claim form here.
  11. Once completed and certified by a Commissioner of Oaths, please scan and email to claims@dpcorp.co.zw for onward submission to the Master of the High Court.
  12. Second creditors meeting was held on Thursday 25 February 2016 at Rainbow Towers. Download the Public Notice here.
  13. Any balance above $500 will be paid through the liquidation process on a pro-rata basis.
  14. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.
  15. Download latest update on the liquidation of Allied Bank here.

 

Trust Bank Zimbabwe | A member of the Deposit Protection Corporation Zimbabwe

Trust Bank Corporation Limited- under provisional liquidation

  1. The bank was closed by the Reserve Bank of Zimbabwe on 6 December 2013. To view the public notice issued by the RBZ, please click here.
  2. Payments to depositors for deposit balances up to a maximum of $500 commenced on 20 January 2014 and is still in progress. To receive your reimbursement if your account balance at the time of bank closure was equal to or below $500, please download claim form by clicking here. Once completed and certified by a Commisioner of Oaths, please scan and email to claims@dpcorp.co.zw
  3. To view DPC public notice published in various newspapers, please click here.
  4. Once completed and certified by a Commisioner of Oaths, please scan and email to claims@dpcorp.co.zw
  5. The bank was placed into final liquidation on 19 May 2016. Details on the first creditors meeting can be found here.
  6. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.
  7. Download latest update on the liquidation of Trust Bank here.

 

Interfin Bank | A member of the Deposit Protection Corporation Zimbabwe

Interfin Bank Limited - in final liquidation

  1. Bank was placed under curatorship on 11 June 2012 and Mr Peter Bailey of KPMG was appointed the curator.
  2. Curatorship period lapsed on 31 December 2014 and the Bank was subsequently closed by the Reserve Bank of Zimbabwe in terms of Section 14 (4) of the Banking Act [Chapter 24:20].
  3. RBZ made an application to place the institution under provisional liquidation in terms of Section 57 (1) (a) of the Banking Act [Chapter 24:20].
  4. DPC was appointed the provisional liquidator on the 28th of January 2015 in terms of High Court order HC03/15.
  5. Payments to depositors for deposit balances up to a maximum of $500 commenced on 3 March 2015 and is still in progress. To view public notice, please click here.
  6. To receive your reimbursement if your account balance at the time of bank closure was equal to or below $500, please download claim form by clicking here.
  7. Any balance above $500 will be paid through the liquidation process on a pro-rata basis.
  8. Bank was placed under final liquidation by the High Court on 4 March 2015.
  9. First meeting of creditors was held on Wednesday 10 June 2015 where creditors with outstanding balances above $500 attended the compulsory meeting and had their claim forms accepted by the Master of High Court. Download Public notices published in various newspapers here.
  10. Second creditors meeting held on 8 October 2015 in Harare. Download Public notices published in various newspapers here.
  11. Special creditors meeting held on Thursday, 14 January 2016 at the Master of the High Court in Harare. The purpose of the meeting was to give an opportunity to creditors to further prove their claims.
  12. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.
  13. Download latest update on the liquidation of Interfin Bank here.
Royal Bank Zimbabwe  | A member of the Deposit Protection Corporation Zimbabwe

Royal Bank of Zimbabwe Limited  - in final liquidation

  1. The Bank was closed on 27 July 2012 and placed under provisional liquidation on 20 February 2013. Judgment to place the Bank under final liquidation was reserved since 17 December 2013 and final judgment to place the bank under final liquidation was issued on 19 November 2014.
  2. Payments to depositors for deposit balances up to a maximum of $500 commenced on 27 March 2015 and is still in progress. To receive your reimbursement if your account balance at the time of bank closure was equal to or below $500, please download claim form by clicking here.
  3. Any balance above $500 will be paid through the liquidation process on a pro-rata basis.
  4. First meeting of creditors was held on 28 January 2015 where creditors with outstanding balances above $500 attended the compulsory meeting and had their claim forms accepted by the Master of High Court. To read the Public Notice, please click here.
  5. Auction Sale of Bank's properties was held on 30 January 2015. To view list of properties auctioned, please click here.
  6. Second creditors meeting was held on Wednesday 25 March 2015. For more information, click here.
  7. A special creditor's meeting held on 6 May 2015 to give creditors another opportunity to submit proof of claim forms
  8. Please download latest update on the liquidation for Royal Bank here.
  9.  Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.
  10. Download latest update on the liquidation of Royal Bank here.

 

(payments in progress)

Capital Bank - closed

  1. Shareholders of the bank surrendered the banking licence to Reserve Bank of Zimbabwe (RBZ) and subsequently filed for voluntary liquidation..
  2. RBZ canceled the licence of the institution in terms of Section 14 (4) of the Banking Act [Chapter 24:20] and the bank was closed on the 4th of June 2014.
  3. To download RBZ Public Notice, please click here.
  4. Case is pending before the courts.
  5. Currently no payments are being made by DPC to depositors of Capital Bank as the bank has not yet been placed under a provisional or final liquidation order.

 

Century Discount House - closed

  1. Bank was closed on 2 January 2004.
  2. Depositors were reimbursed by DPC in Zimbabwe Dollar and payments have been closed.

 

Rapid Discount House - closed

  1. Bank was closed on 26 March 2004.
  2. Depositors were reimbursed by DPC in Zimbabwe Dollar and payments have been closed.

 

Sagit Finance House - closed

  1. Bank was closed on 2 March 2006.
  2. Depositors were reimbursed by DPC in Zimbabwe Dollar and payments have been closed.

 

No payments were made to depositors of the following banks which failed prior to the establishment of DPC on 1 July 2003:

 

  1. United Merchant Bank
  2. Universal Merchant Bank
  3. Zimbabwe Building Society
  4. First National Building Society (FNBS)

 

In view of current legislative framework, no compensations were made to depositors of failed banking institutions whose resolution methods did not entail liquidation. These are:

 

  1. NDH
  2. HighVeld
  3. Intermarket Bank
  4. Intermarket Discount House
  5. Original Trust Bank, Royal Bank, and Barbican Bank whose assets were sold to ZABG in 2005.

 

Genesis Bank Zimbabwe  | A member of the Deposit Protection Corporation Zimbabwe

Genesis Investment Bank - in final liquidation

  1. Bank was closed on 11 June 2012 and DPC was subsequently appointed provisional liquidator on 4 July 2012.
  2. Payments to depositors commenced on 30 July 2012 and is still in progress. To receive your reimbursement, please download claim form by clicking here.
  3. Bank was placed under final liquidation by the High Court on 8 August 2012.
  4. Click here to download public notice on the termination of deposit insurance payments.
  5. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.

 

Tetrad Investment Bank Zimbabwe  | A member of the Deposit Protection Corporation Zimbabwe

Tetrad Investment Bank - under provisional judicial management

  1. Shareholders of the bank applied for placement of the bank under provisional judicial management which was granted by the High Court of Bulawayo on 29 January 2015 and subsequently Mr W. Militala was appointed the provisional judicial manager.
  2. Following the resignation of Mr W. Militala as the provisional judicial manager on 1 July 2015, DPC was appointed the provisional judicial manager of the bank in terms of section 57 (1) (b) of the Banking Act (Chapter 24:20).
  3. Second meeting of creditors held in Harare (24 September 2015) and Bulawayo (25 September 2015).
  4. Special meeting of creditors held on 9 February 2017. For the Public Notice, please click here.
  5. Download latest update on the liquidation of Tetrad Investment Bank here.
  6. Download invitation to tender for Tetrad Investment Bank here.
  7. Please take a moment to like our Facebook page, Follow us on Twitter and subscribe to our Newsletter  for more frequent updates.

 

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