 In March 2012, Zimbabwean media reported that Commercial Bank of Africa Group, a Kenyan financial services conglomerate, had agreed to acquire a 62% stake in Royal Bank of Zimbabwe.However, both parties failed to finalise on the deal within the allowed regulatory time frame thus the deal lapsed.On July 27, 2012, the board of directors of Royal Bank Zimbabwe resolved to surrender the institution's banking licence to the Reserve Bank of Zimbabwe and shut down its business in the country.