BoB takes over Kingdom bank

Monday, February 16, 2015

The Bank of Botswana (BoB) on Friday took over management of troubled offshore bank, Kingdom Bank Africa Limited (KBAL).

The bank is reeling from liquidity constraints, which have seen depositors fail to withdraw their monies while workers haven’t received regular salaries for the past three months.

In a statement released on Friday, the central bank announced that they had assumed temporary management of KBAL “Customers of KBAL are informed that during the temporary management period, the operations of KBAL will only be restricted to receiving repayments of loans and advances made to customers.

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