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It becomes the second bank to announce a rights offer in as many days as banks seek to raise the minimum capital levels to RBZ specifications by the end of this month after CFX indicated that it plans to raise US$10 million.
Genesis Financial Holdings said that it had managed to meet all other requirements except the US$6,5 million minimum capital requirement for banks.
All banking institutions have until the end of this month to satisfy this minimum capital requirement. The rights offer has already been approved by shareholders in a move that has been seen as a vote of confidence in the group.
The US$7, 3 million was expected to have been raised by the end of this month (September). Genesis Investment Bank was expected to commence commercial banking operations this year after it was granted a licence by the Reserve Bank of Zimbabwe.
Genesis Financial Holdings is also a subsidiary of diversified insurance concern Zimre Holdings Limited. Genesis Investment Bank was initially established as an accepting house and currently operates from Zimre Centre in the capital.
However, the group has been scouting for other suitable sites to build the bank's premises.
Genesis Investment Bank will become the third commercial bank to open this year after TN Bank and BancABC, which were also granted commercial banking licenses.
Zimbabwe has 15 commercial banks, six merchant banks and four building societies. Meanwhile, Genesis Financial Holdings recorded a net loss of US$295 218 during the six-month period up to June 30. The loss was largely due to low income generated by the business against expenditure.
The group's revenue for the period under review amounted to US$414 000 against operating expenditure of US$836 398 leaving a loss before tax of US$422 579 and after tax loss of US$295 218.
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