Friday 29 Mar 2024
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KUALA LUMPUR (Sept 10): Bank Negara Malaysia (BNM) has revoked the approval granted to Zimbabwe's Metbank Ltd under Section 19(4) of the Financial Services Act 2013 to operate a representative office established in Malaysia known as Metbank Ltd Kuala Lumpur Representative Office.

In an announcement yesterday (Sept 9), the central bank highlighted that with the revocation imposed on May 24 this year, the representative office was no longer permitted to carry on the specified activities as a representative office.

"The list of the approved representative offices can be obtained from the BNM's website," it said.

Metbank, formerly known as Metropolitan Bank of Zimbabwe, is a commercial bank in Zimbabwe.

It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

According to the group's website, Metbank is a subsidiary of Loita Financial Holdings Ltd, an investment banking firm with operations in eight African countries, including Kenya, Mauritius and South Africa.

Edited ByLam Jian Wyn
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