as zse inter industry financial services founded 1999 headquarters harare zimbabwe products loans savings checking investments debit cards credit cards mortgages total assets us 144.5 million 2011 website homepage interfin bank also interfin bank limited a commercial bank in zimbabwe . contents 1 history 2 ownership 3 curatorship 4 see also 5 references 6 external links history edit the bank was founded in 1999 as interfin merchant bank . 1 in 2009 interfin merchant bank underwrote a rights issue of cfx financial services limited cfx financial a financial services provider with three subsidiary companies in which it held 100 % ownership cfx bank a commercial bank cfx merchant bank a merchant bank cfx asset management an asset management company in 2009 cfx financial which was formed in 2006 was a publicly traded company on the zimbabwe stock exchange . 2 the rights issue was grossly undersubscribed and interfin merchant bank was left with the equivalent of 40 % shareholding in cfx financial unsold . as a result interfin acquired 40 % shareholding in cfx financial . it then began a series of manoeuvres to acquire a controlling ownership interest in its new acquisition through a share swap . 3 the holding company was renamed interfin financial services limited to reflect the new ownership . a reverse merger was executed whereby interfin became listed on the zimbabwe stock exchange under the slot where cfx financial used to be . the trading symbol for the new bank holding company became interfin . 4 application was then made to the reserve bank of zimbabwe and the zimbabwe ministry of financce for interfin merchant bank and cfx financial to merge . the zimbabwe ministry of finance gave its formal approval of the takeover . 5 subsequently the reserve bank of zimbabwe also signalled its approval of the merger of the two institutions . 6 as of august 2011 update the bank maintains 11 networked branches 7 ownership edit interfin bank is a publicly traded company . the shares of stock of its holding company interfin financial services limited are listed on the zimbabwe stock exchange where they trade under the symbol interfin . 8 an ownership dispute exists with the former director of eng capital group claiming that assets were illegally acquired by cfx bank 9 as of august 2011 update interfin bank s assets were valued at us 144.5 million with shareholders equity valued at us 21.2 million . 10 curatorship edit in june 2012 the reserve bank of zimbabwe placed interfin bank under recuperative curatorship for a period of six months . this followed the determination by the central bank that interfin was not in a safe and sound financial condition . specifically ... . the unsafe and unsound condition of interfin bank limited is attributable to inadequate capitalisation concentrated shareholding and abuse of corporate structures high level of non performing insider and related party exposures chronic liquidity and income generation challenges poor board and senior management oversight as well as violation of banking laws and regulations ... . the primary purpose of the curatorship is to protect depositors preserve the assets of interfin bank limited and protect the stability of the financial system according to the reserve bank of zimbabwe . peter bailey of kpmg chartered accountants was selected as curator for the bank . he will determine how the affairs of interfin will be administered and eventually resolved . 11 zimbabwean press reports indicate interfin s capital deficit exceeds us 106 million . 12 see also edit cfx bank reserve bank of zimbabwe zimbabwe stock exchange economy of zimbabwe list of banks in zimbabwe references edit interfin merchant bank founded in 1999 cfx financial was formed in 2006 interfin & cfx in share swap deal interfin acquires controlling stake in cfx government approves cfx s takeover by interfin interfin cfx union approved branches of interfin bank interfin financial services trades under symbol interfin ex eng director seeks de specification . newsday . 4 january 2011 . interfin bank financial data in august 2011 interfin bank limited placed under curatorship interfin heads for liquidation external links edit official website of interfin bank retrieved from https en.wikipedia.org w index.php title interfin bank & oldid 694341040 categories companies of zimbabwebanks of zimbabwebanks established in 1999companies listed on the zimbabwe stock exchangeharare1999 establishments in zimbabwehidden categories engvarb from august 2014use dmy dates from august 2014articles containing potentially dated statements from august 2011all articles containing potentially dated statements navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity 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