Official administrators of the troubled private bank, UniBank, will begin work Wednesday, an official release has said.

The central bank declared on Tuesday that the indigenous bank is insolvent and tasked KPMG as administrative managers in a bid to save the bank from collapse.

In a release issued Wednesday, the administrators stated that operations will resume at 12 noon at all branches, but adds that “from Thursday 22 March the bank will open for business at the normal operating hours.”

The managers are urging all customers and stakeholders of the bank to remain calm.

“The bank will continue to operate as normal,” the statement said.

Meanwhile, the powers, functions and responsibilities of the shareholders, directors and key management are suspended with the appointment of KPMG as administrators.

The responsibilities of KPMG include but not limited to:

• Safeguarding the assets of the bank

• Securing depositors’ funds;

• Saving the bank and contributing to the overall stability of the financial system.

“We wish to emphasise that the bank is in full operation and depositors’ funds are safe and intact,” the statement said.

LEAVE A REPLY