SME Bank assets concern Metbank

Metbank, a minority shareholder in the disgraced lender SME Bank, is crying foul over investigations launched by the Bank of Namibia and wants the central bank to explain how the SME Bank's assets have declined since it fell under curatorship. Metbank, also known as the Metropolitan Bank of Zimbabwe, is a commercial bank in Zimbabwe.This follows a request by the central bank's governor, Iipumbu Shiimi for roughly N$351 million for re-capitalisation purposes. Metbank chairman, Wilson Manase, has also requested for an update into the investigation launched by the central bank after alleged dubious investments worth nearly N$200 million were made in South Africa.Requesting for an update from Shiimi, Manase asked how it was possible that the central bank had to ask for capital despite taking over a financially healthy institution in March this year. “At the time the Bank of Namibia took over, we noted that SME Bank was solvent with a capital position in excess of 68% of the required minimum capital and a surplus liquidity position of 155% above the statutory minimum,” said Manase in a letter to the central bank governor.According to him, he was shocked to learn that the central bank held out a begging bowl to trade minister, Immanuel Ngatjizeko.“To our dismay, we were startled to learn that the above position changed while the operation of the SME Bank vested under the care and custody of the Bank of Namibia, to such an extent that the governor addressed a letter to shareholders requesting for re-capitalisation of the SME Bank to the total sum of N$359 million on or before 13 June 2017,” said ManaseHe also claimed that he had written to both Shiimi and the trade minister, Immanuel Ngatjizeko about developments pertaining to investigations by the Bank of Namibia. “Committed to further our business interests, we on various occasions in writing requested the governor and the minister of trade to disclose pertinent financial reports upon which the decisions will be made. To date, such crucial reports pertaining to the bank are yet to be disclosed,” said Manase, adding that Metbank was now in a favourable position to fund the re-capitalisation of the SME Bank while also looking to regain control.“As a matter of fact, both the Metropolitan Bank of Zimbabwe and Worldeagle Investments are in a favourable standing to re-capitalise the SME Bank in accordance with the shareholders' agreement subject to disclosure of material information pertaining to the bank since assumption of control by the Bank of Namibia“As owners of the business, we noted that the Bank of Namibia removed directors and officers of the SME Bank and assumed control. For whatever reasons, no consultations at the very least were made by yourselves with the lawful shareholders of the SME Bank and in particular Metbank. “Metbank also requested a comprehensive written copy of the central bank's investigations in the investments that were made by the SME Bank in VBS Mutual Bank and Mamepe Capital as well as a full and comprehensive report on the financial and operations status of the SME Bank, none of which have been forthcoming.“We are very concerned on the way forward and need to be appraised on your findings so far,” he said.The central bank has since refuted the allegations and said that it had engaged SME Bank shareholders at all times regarding developments at the commercial bank. “The bank hereby wishes to state that it has engaged all the shareholders and relevant stakeholders regarding matters related to SME Bank,” said central bank spokesperson, Kazembire Zemburuka.Shiimi wrote to Ngatjizeko in March requesting for between N$250 and N$300 million to recapitalise the SME Bank.According to Shiimi, it was still unclear what the investigation would reveal. “If these funds are lost and not recoverable, SME Bank will immediately become insolvent and will need recapitalisation by the shareholders for the bank to continue with banking business,” said Shiimi in a letter dated 6 March 2017.OGONE TLHAGE

SME Bank assets concern Metbank

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Namibian Sun 2025-04-25

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SME Bank assets concern Metbank

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Namibian Sun 2025-04-25

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