CABS to raise $70 million lines of credit

Published: 23 July 2014

Banking giant Cabs says it will seek to raise at least $70 million dollars in lines of credit by the end of the year from its mortgage securitisation deal.

Speaking at the launch of the bank's new look, managing director Kevin Terry said the group will raise $50 million by the end of this month with hopes of acquiring a further $20 million by the end of the year.

"By the end of this month we will have access to over $50 million dollars in lines of credit and by the year end we hope to access a further $20 million in terms of a mortgage securitisation deal we are currently working on," he said.

He said the money would be channelled toward the bank's housing schemes and other

Terry said Cabs was working on launching a Visa MasterCard in the future in line with the group's new vision.

"We started a Visa MasterCard project that will be operating on the Zimswitch network in the near future, we started up our mobile banking unit 'Textacash' which we originally conceived as an entry into the unbanked informal sector but we discovered that it subsequently migrated into our traditional customer base," he said.

He added that the group will also be launching a mobile phone application at the end of the month to maintain convenience and ease of accessibility.

"We will be launching a mobile Smartphone app at the end of this month to continue this journey to making banking more convenient and more accessible. This is a new beginning for Cabs, we have many new beginnings in life and this is just one," said Terry.

He also said the new look by Cabs will be implemented in all its branches starting this September.

"Now the time has come and we have a new brand and soon a new look in our branches, the first of those will roll out in September and there will be a gradual rollout throughout the rest of our branch networks over the next couple of years," said Terry.
- BH24

Tags: Cabs,