ZABG To Shut Down

A source told Radio VOP that Trust Banking Corporation Limited Trustees led by banker, William Nyemba, would repossess the assets of the government controlled banking group.

Nyemba had left Zimbabwe for South Africa after Reserve Bank of Zimbabwe (RBZ) Governor, Dr Gideon Gono, closed Trust Bank in 2005.

Gono accused the financial institution of, among other things, flouting RBZ stringent regulations and trading in items which had nothing to do with commercial banking.

The Trust license was then withdrawn and the group booted out from the Zimbabwe Stock Exchange (ZSE). Trust has however now bounced back on the ZSE.

“We held a meeting on Friday to discuss how we will move forward,” said a Trust senior manager in an interview.

“All those who had left us are coming back and those who had joined ZABG will be sent home or given their jobs back and retrained.”

More than 60 workers held a closed meeting at the Trust headquarters in Harare on Friday.
Ironically the Trust headquarters had been grabbed by ZABG during the time that Trust was closed.

“We will open for business in December,” the manager said. “All those that had accounts with us can now return and we will give them their new account numbers.”

During the meeting the senior management told workers that before its closure Trust Financial Holdings Limited was the third best firm to work for in Zimbabwe after Mimosa Mining Limited and Econet Wireless Holdings Limited (Econet).

ZABG was a combination of Trust Bank, Time Bank of Zimbabwe Limited (Time), Barbican Holdings Limited (Barbican) and Royal Bank of Zimbabwe Limited (Royal) under Geoffrey Mzwimbi.

Staff at ZABG were seen stranded outside their Samora Machel offices on Monday morning.

The ZABG sign put up outside the flashy building has also been removed.