Dar es Salaam.
Shareholders of the Tanzania Women’s Bank (TWB) will meet in Dar es Salaam on
February 1 and discuss the bank’s capitalisation, among other issues.
A statement from the
bank released yesterday noted that during the 8th Annual General Meeting (AGM),
shareholders will receive a report on the bank’s capitalisation status and
propose the best way to recapitalise it.
“The meeting, to be
held on Thursday, February 1, 2018 at New Africa Hotel, will discuss the
following points: receiving the bank’s operations report for the year to
December 31, 2016; receiving and discussing the bank’s capitalisation status in
line with the Bank of Tanzania (BoT) directives; receiving and discussing the
various options on how to recapitalise the bank in line with BoT’s
recommendations,” the statement said.
A fortnight ago, BoT
cancelled the licences of five banks and placed them under receivership.
BoT said Covenant Bank
for Women, Efatha Bank Limited, Njombe Community Bank Limited, Meru Community
Bank Limited, and Kagera Farmers’ Cooperative Bank Limited breached
capitalisation rules.
“The aforesaid banks
are critically undercapitalised,” BoT said, adding that “continuation of their
operations in their current position is detrimental to the interests of
depositors and poses a risk to the stability of the financial system.”
At the same time, BoT
issued a six-month ultimatum to TWB, Kilimanjaro Co-operative Bank Ltd and
Tandahimba Community Bank Ltd to raise the statutory Sh2 billion capital or
have their licences revoked.
The Citizen
No comments:
Post a Comment