Royal Bank Zimbabwe
Encyclopedia
Royal Bank Zimbabwe, whose complete name is Royal Bank Zimbabwe Limited, but is commonly referred to as Royal Bank, is a commercial bank
in Zimbabwe
. It is one of the licensed commercial banks in the country.
. , the bank's total asset valuation is not publicly known. The shareholder's equity in the bank is estimated at about US$12.5 million, the minimum capital requirement for a commercial bank in Zimbabwe, effective December 2010.
(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 itself and re-issued the commercial banking licenses of the three banks that had been closed. Royal Bank re-opened in February 2011, after six (6) years of forced closure. ZABG also retained its banking license. , the number of licensed commercial banks in Zimbabwe
, was nineteen (19).
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
. It is one of the licensed commercial banks in the country.
Overview
Royal Bank is a small financial services provider in ZimbabweZimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
. , the bank's total asset valuation is not publicly known. The shareholder's equity in the bank is estimated at about US$12.5 million, the minimum capital requirement for a commercial bank in Zimbabwe, effective December 2010.
History
The bank was founded in 2001. In 2004, the Reserve Bank of ZimbabweReserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
(RBZ), the national banking regulator, closed the bank down, together with Barbican Bank and Trust Banking Corporation
Trust Banking Corporation
Trust Banking Corporation , commonly referred to as Trust Bank, is a commercial bank in Zimbabwe. It is one of the seventeen licensed commercial banks in the country.-Overview:Trust Bank is a small financial services provider in Zimbabwe...
. The assets of the three shuttered banks, were merged, to form Zimbabwe Allied Banking Group (ZABG).
In September 2010, the RBZ reversed itself and re-issued the commercial banking licenses of the three banks that had been closed. Royal Bank re-opened in February 2011, after six (6) years of forced closure. ZABG also retained its banking license. , the number of licensed commercial banks in Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
, was nineteen (19).
Ownership
, Royal Bank Zimbabwe is a privately owned financial institution. The detailed shareholding in the bank is not publicly known at this time.Branch network
, Royal Bank maintains a network of branches at the following locations:- Main Branch - Takura House, 67 Kwame Nkrumah Avenue, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Karoi Branch - 9 Harris Street, KaroiKaroiKaroi is both a town and a district in Mashonaland West province, Zimbabwe. Karoi town is located approximately 200 km North West of Harare along the main road from Harare to Kariba and Chirundu. Karoi town is situated in a farming area. The population of Karoi town in the 1992 census was 14,763...
- Gwanda Branch - 6 Fourth Avenue & Lawley Street, GwandaGwandaGwanda is the capital of the province of Matabeleland South in Zimbabwe. It is located on the Bulawayo-Beitbridge road and railway. Gwanda was founded in 1900. According to the 1982 Population Census, the town had a population of 4,874...
- Nyanga Branch - 18 Rochdale Road, NyangaNyangaNyanga may mean:*Nyanga Province, of Gabon*Nyanga, Gabon, a place in the province of Nyanga in Gabon*Nyanga River, in Gabon and Congo*Nyanga, Zimbabwe, a town*Nyanga National Park in Zimbabwe*Nyanga, Cape Town, a township in South Africa...
- Chegutu Branch - 110 Queen Street, ChegutuChegutuChegutu is a town in the Mashonaland West province, northern Zimbabwe and is 110km southwest of Harare on the main Harare-Bulawayo road . According to the 1992 Population Census, the town had a population of 30,191...
- Lobengula Branch - 9 & 10 Lobengula Mall, 6th Avenue Extension, BulawayoBulawayoBulawayo is the second largest city in Zimbabwe after the capital Harare, with an estimated population in 2010 of 2,000,000. It is located in Matabeleland, 439 km southwest of Harare, and is now treated as a separate provincial area from Matabeleland...
- Hwange Branch - Coronation Drive, HwangeHwangeHwange is a town in western Zimbabwe, in the province of Matabeleland North. It is named after the chieftain of Zwange, who is now called Chief Hwange. The town was known as Wankie until 1982. According to the 1992 Population Census, the town had a population of 42,581...
- Rusape Branch - 13 Robert Mugabe Street, RusapeRusapeRusape is a town in the province of Manicaland, Zimbabwe with a population of around 20,000 , situated on the Harare-Mutare main road, approximately 170 km south east of Harare and 93 km north west of Mutare. Rusape is a large, sprawling town that has not quite reached city status...
- Kadoma Branch - 156 Herbert Chitepo Street & Mukwati Street, Kadoma
- Ascot Branch - Shop 7 Ascot Complex, BulawayoBulawayoBulawayo is the second largest city in Zimbabwe after the capital Harare, with an estimated population in 2010 of 2,000,000. It is located in Matabeleland, 439 km southwest of Harare, and is now treated as a separate provincial area from Matabeleland...
- Chipenge Branch - 75 Main Street, ChipingeChipingeChipinge is a town in southeastern Zimbabwe in the province of Manicaland near the Mozambique border. The town lies in a valley in the southern Eastern Highlands. One of Zimbabwe's most famous landmarks, the Birchenough Bridge is located on the Sabi River 62 km from Chipinge...
See also
- List of banks in Zimbabwe
- Reserve Bank of ZimbabweReserve Bank of ZimbabweThe Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
- Economy of ZimbabweEconomy of ZimbabweThe economy of Zimbabwe has shrunk significantly after 2000, resulting in a desperate situation for the country and widespread poverty from among others 94% unemployment. The participation from 1998 to 2002 in the war in the Democratic Republic of the Congo set the stage for this deterioration by...