Royal Bank Zimbabwe, commonly referred to as Royal Bank, was a licensed

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

in that formerly operated in

Zimbabwe file:Zimbabwe, relief map.jpg, upright=1.22, Zimbabwe, relief map Zimbabwe, officially the Republic of Zimbabwe, is a landlocked country in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Bots ...

. It operated between 2001 and 2012, when it was shut down by its Board due to accumulated losses, liquidity challenges and high level of non-performing loans. Royal Bank was a small privately owned financial institution and financial services provider in

. , the shareholder's equity in the bank was estimated at US$12.5 million, the minimum capital requirement for a commercial bank in Zimbabwe.

History

The bank was founded in 2001. In 2004, the

Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe ( RBZ) is the central bank of Zimbabwe and is headquartered in the country’s capital Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Ba ...

(RBZ), the national banking regulator, closed the bank down, together with Barbican Bank and Trust Banking Corporation. The assets of the three shuttered banks, were merged, to form Zimbabwe Allied Banking Group (ZABG). In September 2010, the RBZ reversed its decision and reissued the commercial banking licences of the three banks that had been closed. Royal Bank reopened in February 2011, after six years of enforced closure. ZABG also retained its banking licence. , the number of licensed commercial banks in

, was nineteen. In March 2012, Zimbabwean media reported that

Commercial Bank of Africa Group Commercial Bank of Africa Group (CBA Group) is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast. The CBA Group is a large financial ...

, a

Kenyan The Demographics of Kenya is monitored by the Kenyan National Bureau of Statistics. Kenya is a multi-ethnic state in East Africa. Its total population was at 47,558,296 as of the 2019 census. A national census was conducted in 1999, although t ...

financial services conglomerate, had agreed to acquire a 62% stake in Royal Bank of Zimbabwe. However, both parties failed to finalise on the deal within the allowed regulatory time frame thus the deal lapsed.

Closure and liquidation

On July 27, 2012, the board of directors of Royal Bank Zimbabwe resolved to surrender the institution's banking licence to the

and shut down its business in the country. This followed the determination by the

that Royal Bank was no longer in a "safe and sound financial condition". The board of directors' resolution was due to under capitalization of the bank, accumulated of losses, liquidity challenges and high level of non-performing loans. The central bank is in the process of liquidating Royal bank and reimbursing depositor funds.

Branch network

, Royal Bank maintained a network of branches at the following locations: Branches of Royal Bank Zimbabwe
# Main Branch - 8th Floor Takura House, 67 Kwame Nkrumah Avenue,

Harare Harare ( ), formerly Salisbury, is the Capital city, capital and largest city of Zimbabwe. The city proper has an area of , a population of 1,849,600 as of the 2022 Zimbabwe census, 2022 census and an estimated 2,487,209 people in its metrop ...

# Karoi Branch - 9 Harris Street,

Karoi Karoi is a town in Zimbabwe. Location Karoi is located in Karoi District, Mashonaland West, Mashonaland West Province, in central northern Zimbabwe. It is located approximately , by road, northwest of Chinhoyi, the nearest large town, and the ...

# Gwanda Branch - 6 Fourth Avenue & Lawley Street,

Gwanda Gwanda is a town in Zimbabwe. It is the capital of the province of Matabeleland South, one of the ten administrative provinces in the country. It is also the district capital of Gwanda District, one of the seven administrative districts in th ...

# Nyanga Branch - 18 Rochdale Road,

Nyanga Nyanga may mean: *Nyanga Province, of Gabon *Nyanga River, in Gabon and Congo *Nyanga people, an ethnic group from Congo *Nyanga, Zimbabwe, a town *Nyanga District, Zimbabwe *Nyanga National Park in Zimbabwe *Nyanga, Western Cape, a township in Sou ...

# Chegutu Branch - 110 Queen Street,

Chegutu Chegutu, originally known as Hartley, is a town in Mashonaland West Province, Zimbabwe. Location The town is located in Chegutu District, Mashonaland West, in central northern Zimbabwe. It lies in the Hartley Hills southwest of the capital ...

# Lobengula Branch - 9 & 10 Lobengula Mall, 6th Avenue Extension,

Bulawayo Bulawayo (, ; ) is the second largest city in Zimbabwe, and the largest city in the country's Matabeleland region. The city's population is disputed; the 2022 census listed it at 665,940, while the Bulawayo City Council claimed it to be about ...

# Hwange Branch - Coronation Drive,

Hwange Hwange, originally known as Wankie, is a town in Zimbabwe, located in Hwange District, in Matabeleland North Province, in northwestern Zimbabwe, close to the international borders with Botswana and Zambia. It lies approximately , by road, sou ...

# Rusape Branch - 13 Robert Mugabe Street,

Rusape Rusape is a town in eastern Zimbabwe. Location It is located in Makoni District in Manicaland Province, in northeastern Zimbabwe. It lies approximately , by road, southeast of Harare, the capital of Zimbabwe. Rusape is situated on the main roa ...

# Kadoma Branch - 156 Herbert Chitepo Street & Mukwati Street, Kadoma # Ascot Branch - Shop 7 Ascot Complex,

# Chipinge Branch - 75 Main Street,

Chipinge Chipinge, formerly known as Chipinga, is a town in Zimbabwe, located in Chipinge District, in Manicaland Province, in southeastern Zimbabwe, close to the border with Mozambique. Location The town lies approximately , by road, south of Mutare ...

# Marondera Branch - 253 Shop 2, The Green,

Marondera Marondera, originally known as Marandellas, is a capital city of Mashonaland East, Zimbabwe, located about east of Harare. History It was first known as Marandella's Kraal, corrupted from Marondera, chief of the ruling VaRozvi people who li ...

# Kwekwe Branch - 35 North Mandela Way at 3rd Street,

Kwekwe Kwekwe ( ), formerly known as Que Que, is a city in the Midlands province in central Zimbabwe. The city has a population of 119,863 within the city limits, as of the 2022 census, making it the 7th-largest city in Zimbabwe and the second-mo ...

References

{{Reflist, 30em

External links

Website of Reserve Bank of ZimbabweWebsite of Royal Bank ZimbabweRoyal Bank Strikes US$20 Million Deal With Core Investor
Banks of Zimbabwe Banks established in 2001 2001 establishments in Zimbabwe Companies based in Harare

History

Closure and liquidation

Branch network

See also

References

External links