{UAH} Tanzania's central bank takes over Twiga Bancorp

Tanzania's central bank takes over Twiga Bancorp

NAIROBI Oct 28 Tanzania's central bank said on Friday it had taken over the administration of the small Twiga Bancorp, saying it was undercapitalised and would not open for up to a week but depositors' interests would be protected.

"This poses a systematic risk to the stability of the financial system and ... the continuation of Twiga operations in its current capital position is detrimental to the interest of its depositors," the Bank of Tanzania said in a statement.

According to Twiga's website, the bank has only five listed branches.

(Writing by Edmund Blair; Editing by Andrew Heavens)

Gwokto La'Kitgum

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