Published: 30 October 2013

Further to the update issued on 1 May 2013, the directors of Interfin Financial Services Limited (IFS) and Interfin Bank Limited (“the Bank") wish to advise all stakeholders as follows:

 
1.The capitalisation and loan recovery initiatives for the Bank are still being pursued.
 
2.The holding company, IFS, remains suspended from the Zimbabwe Stock Exchange until the resuscitation process has been concluded.
 
3.Three potential investors have expressed interest in investing into the Bank and negotiations are currently underway.
 
4.Loan repayments by borrowers have remained very slow due to the number of cases in the courts and the tight liquidity conditions prevailing in    the economy. As all the loans had been provided against, all collections will result in a reduction of the capital gap.
 
5.To date 248 summonses valued at $ 105.7 million have been issued as the Bank tries to enforce and quickly recover what it is owed. However,    cases valued at $ 0.5 million (0.48%) only have been settled in full, whilst Judgements valued at $ 54.6 million (51.66%) and $ 16.3 million    worth of Provisional Sentences (15.37%) have been obtained. The Bank is still waiting for Judgements and Provisional Sentences on cases    valued at $ 29.3 million (27.71%).
 
6.The bank's 2012 audited financial statements are now ready and available upon request.
 
7.A notice for an Annual General Meeting to be held before the end of the year will be published in due course.

 

Interfin Financial Services Update.pdf

- Interfin Financial Services

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