The Reserve Bank of Zimbabwe (RBZ) has granted Ecobank Zimbabwe Limited a commercial banking licence, bringing to 14 the number of retail banks operating in the country.

Norman Mataruka, the central bank's Registrar of Banking Institutions, confirmed plans by the former investment bank to transform into commercial bank, in a statement yesterday.

This means that the banking institution met the $12,5 million minimum capital requirements for commercial banks.

The former merchant bank indicated its plans to convert into a commercial bank after Ecobank Transnational Incorporated - the majority shareholders controlling 70% of the group - last year injected $10 million into the financial institution. Banking Ecobank
Source: Byo24News

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