Kingdom Bank made headlines in the press for almost “collapsing”! Well the bank did not collapse as the “collapse” as what the press said. The Spiritage credit they borrowed to the collapsed firm almost did them in.
However, may main worry is that Kingdom Bank is a local Bank and Saviour Kasukuwere is saying Banks must be siezed and Indeginised. Now a local Bankis collapsing and sending the wrong the signal to the world about local banks.
The issue caused panic. My friends opened new accounts with some Banks, One company closed its account as they the news. So are we really supposed to sieze these foreign Banks like since they are the most stable banks?
If you look at the chain of banks that were local that closed you will be amazed. Royal Bank, Barbican, Genesis! All these banks are nowhere to be seen.
I would rather bank my business money in a foreign owned stable bank than support a bank that is “local” all in the name of “indeginasition” that seems to be faltering, I don’t know what yopu think about it.