Tetrad shareholders vote to turn bank into property firm

Source: Tetrad shareholders vote to turn bank into property firm -Newsday Zimbabwe

Tetrad Investment Bank shareholders have unanimously voted to surrender its banking licence and convert it into a property development company

Tetrad Investment Bank shareholders have unanimously voted to surrender its banking licence and convert it into a property development company at an Extraordinary General Meeting held at the Harare Golf Club.

The moribund bank, which reportedly has an asset portfolio worth US$13 million, is now owned by its shareholders after a debt-to-equity scheme of arrangement in September 2015.

Its banking licence was suspended in the same year.