RBZ calls Stanbic Bank Zim to order

The Reserve Bank of Zimbabwe (RBZ) read the riot act to Stanbic Bank Zimbabwe forcing the financial institution to reverse plans to amend the terms and conditions which would have placed restrictions on withdrawals.

Source: RBZ calls Stanbic Bank Zim to order – NewsDay Zimbabwe November 4, 2016

BY BUSINESS REPORTER

The move would also have resulted in customers acknowledging that a deposit may not be immediately available for withdrawal.

RBZ governor John Mangudya told NewsDay yesterday that the apex bank was not consulted on the move and called Stanbic to “explain their unfortunate and offside statement”.

“Negative statements undermine confidence. We are satisfied by their retraction of the statement,” Mangudya said.
Stanbic said yesterday it would no longer be changing its terms and conditions as advised earlier as its intentions were “misunderstood”.

“We refer to our correspondence of November 1, 2016 to our clients concerning our updated terms and conditions.
Given the feedback that we have received from our clients and the general public, it is clear to us that our intentions have been misunderstood. As a result of this misunderstanding, we hereby advise that you should disregard these updates and the existing terms and conditions remain effective,” the bank said.

In a November 1 statement, Joshua Tapambgwa had said restrictions on withdrawals from time-to-time impose requirements for prior written notification to make a withdrawal.

Tapambgwa said the restrictions would be effective in the next 30 days.

There were fears that the statement would result in other banks following suit and in the process killing the banking sector confidence.