“ Take note that Trust Banking Corporation Limited has been authorised in terms of Section 16 of the Banking Act [Chapter 24:20] to commence the business of a commercial bank with effect from 13 December 2010,” the Reserve Bank of Zimbabwe (RBZ) said in a notice.
This follows the re-registration of Trust Banking Corporation Limited on 1 September 2010. Trust Towers, along the bustling Samora Machel Avenues will be the first branch to be opened while the Bulawayo branch opens to the public before the end of the week.By January, TBC would have 10 branches running.TBC alongside Barbican and Royal were forcibly amalgamated to form the Zimbabwe Allied Banking Group (ZABG) in January 2005.
The trio launched a fight for the return of their assets and Reserve Bank of Zimbabwe (RBZ) buckled under pressure and returned the assets as well as re-registering the three banks in September. ZABG was unbundled into TBC, Royal, Barbican and ZABG while assets were returned to previous owners.
TBC will battle it out with 15 other commercial banks in a market where liquidity is constrained. It will also have to find a mark in an environment which has attracted foreign players. Togo incorporated Ecobank on Thursday announced that it had acquired 70% stake in Premier Finance Group.