The Deposit Protection Corporation (DPC) says its fund to pay out depositors of banks that collapse has declined to $7.2 million from $16 million since December last year, and warned that healthy institutions face the risk of contributing additional funding should more banks fail this year. The DPC was established in 2003 through an Act
Divaris is the executor of the estate of the late Vassilliki Divaris who owned 454 890 shares in Tetrad. The bank on June 28 this year published a notice for an EGM scheduled to take place on July 20.
The registrar said the institution did not have depositors on its books, following the process undertaken during the provisional judicial management period.
RBZ cancels Tetrad s banking licence – DailyNews dailynews.co.zw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailynews.co.zw Daily Mail and Mail on Sunday newspapers.
The moribund bank, which reportedly has an asset portfolio worth US$13 million, is now owned by its shareholders after a debt-to-equity scheme of arrangement in September 2015.