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sector.
THL chief executive, Mr William Nyemba told an analysts’ briefing in Harare on Tuesday that the bank has received term sheets of US$20 million.
“There has been a growing interest from international financiers,” he said.
“Apart from the US$20 million, we are arranging an additional US$80 million for direct financing to companies.
“The additional US$80 million would be for direct lending and the bank would only be the conduit to provide financing.”
Presenting the group’s financial performance for the period ended December 2010, Mr Nyemba said the banking arm, which was granted its operating licence in September last year, has opened 7 000 accounts with corporates, constituting a third of total accounts.
Deposits for the bank currently stand at US$14 million a month and management say they are expecting them to grow by an additional US$10 million by June this year.
Trust was re-licenced on September 1 last year, following an out-of-court settlement reached between THL and the Reserve Bank of Zimbabwe.
The bank opened for business on December 13, therefore operating for half a month to December 31.
Mr Nyemba said Trust was capitalised to the tune of US$16 million, supported by the holding company.
The bank, which used to control about 20 percent of the market, has already opened 11 branches countrywide.
Its loan book as at September last year was standing at US$1,4 million.
The bank’s managing director, Mr Nyevero Hlupo, said their focus was on the bank registering its presence in the areas it used to operate from and will open more branches as and when the business justifies this.
During the period under review, THL achieved a total income of US$13 million as the group’s main focus during the period was on re-organising and consolidating the function of its subsidiaries, Trust Bank, Trust Insurance Brokers, Trust Properties and Trust Agriculture.
Total revenue for the bank was US$27 532 for the two weeks and an expenditure of US$760 958 spent in four months when the bank was re-licensed.
The bank’s asset base was US$17,4 million as at December last year, which was financed by US$16,6 million in equity and US$800 000 in liabilities.
Going forward, Mr Nyemba said the group had managed to receive support especially from the bank, which had managed to obtain the support of its old clients.
Mr Hlupo said much focus would be on consolidating the strides made in setting up its business units to add shareholder value.
“Additional complementary financial services such as asset finance, stock broking and short-term insurance are also being considered for re-launch in the near future,” said Mr Nyemba.