FINANCIAL services group Tetrad has secured a $15 million line of credit from an international fund based in the United Kingdom and Africa to strengthen the operations of its subsidiary businesses.
The bulk of the funds, according to a statement issued by the company yesterday, would be allocated to the group’s flagship unit, Tetrad Investment Bank, in a bid to improve its underwriting capacity.
“The funds come as a welcome boost to the company given the liquidity challenges that the economy is experiencing, and it will strengthen the bank as it goes through its conversion process from merchant to commercial bank,” said group chief executive officer Eugene Mlambo.
“Despite the challenging economic environment and the prevailing difficulties in international financial markets, Tetrad’s solid reputation and strong brand has resulted in the credit line being made available. The institution has clearly seen the potential that our organisation has and the opportunities that are available locally. We shared our vision with them and they believed in it.”
As part of the commercial strategy, Tetrad Investment Bank has acquired state-of-the-art technology, culminating in the recent rollout of market leading ITMs (Intelligent Teller Machine). The ITMs offer clients advanced features such as deposit taking capability with real-time account credit, and more unique functions will be added soon.
“Other lines of credit are presently at various stages of negotiation, as we continue to build up the strength of our business units,” said Mlambo.
The Tetrad Group has interests in the financial services sector, insurance, property, mining and other areas of commerce.