Capital Crossfire Catches Geez Bank, Promoters Bicker Over Future
Geez Bank, a nascent commercial bank, currently under formation, is embroiled in a tense dispute that has overshadowed its promoters' plans to begin operations. Organisers are divided over whether to proceed and meet strict capital requirements, invest in other banks, or shift to services such as microfinance and insurance.
The result is a tangled process in which the Bank's future remains in limbo, with two groups claiming control. Differences have surfaced over negotiations with an existing bank, Lion International Bank, over a possible share transfer.
Geez Bank's troubles can be trace...