First Alliance Bank Zambia Limited

First Alliance Bank Zambia Limited (FABZL), also known as First Alliance Bank (Zambia), is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator.[2]

First Alliance Bank Zambia Limited
TypePrivate
IndustryBanking
FoundedJanuary 1, 1994 (1994-01-01)
HeadquartersLusaka, Zambia
Key people
Sanmukh R. Patel
Chairman
Kuldip Paliwal
Managing Director[1]
ProductsLoans, credit cards, savings, investments, mortgages
RevenueIncrease Aftertax: ZMW:14,826,000 (US$575,582) (2019)[1]
Total assetsZMW:940,577,000 (US$36,515,500) (2019)[1]
Number of employees
112 (2019)[1]
WebsiteHomepage

Location

The headquarters and main branch of the bank are located in Alliance House, at 627 Cairo Road, in the city of Lusaka, the capital and largest city of Zambia.[3] The geographical coordinates of the bank's headquarters are: 15°25'25.0"S, 28°16'57.0"E (Latitude:-15.423611; Longitude:28.282500).[4]

Overview

FABZL is a small financial services provider in Zambia, providing retail banking services to the communities it serves. Its niche market is the corporate clients in the mining and manufacturing sectors of the Zambian economy. As of December 2019, the bank controlled total assets of ZMW:940,577,000 (US$36.5 million), with shareholders' equity of ZMW:234,359,000 (US$9.1 million). At that time the bank employed 112 people.[1]

History

The bank was founded in 1994 by four businessmen, each controlling an equal shareholding position. Starting with one branch in Lusaka, Zambia's capital and largest city, the bank opened branches in other cities and towns in the country, focusing on the copper-belt region of the country.[5]

Ownership

The stock of First Alliance Bank Zambia Limited is privately held by five individuals. The table below shows the ownership percentage of each shareholder, as of September 2019:[6]

First Alliance Bank Zambia Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Sanmukh R. Patel25.0
2Daxa Patel25.0
3Mahendra Patel25.0
4Vasant Patel24.0
5Nitesh Patel1.0
Total100.00

Branch network

The bank maintains five branches in the country, at the following locations, as of May 2018.[3]

  1. Main Branch: Alliance House, Cairo Road, Lusaka
  2. Industrial Branch: 5126 Lumumba Road, Lusaka
  3. East Park Branch: East Park Mall, First Floor, Unit D, at the corner of Thabo Mbeki Road and Great East Road, Lusaka
  4. Kitwe Branch: 8721 City Gate Office Park, President Avenue, Kitwe
  5. Ndola Branch: 16A President Avenue, Ndola.

Governance

The Chairman of the seven-person Board of Directors is Sanmukh R. Patel. The Managing Director is Kuldip Paliwal. The chairman is a shareholder in the bank.[1]

See also

References
  1. First Alliance Bank (25 March 2020). "Annual Report and Financial Statements for the Year Ended 31 December 2019" (PDF). Lusaka: First Alliance Bank Zambia Limited. Retrieved 18 December 2020.
  2. Bank of Zambia (1 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 1 May 2018.
  3. First Alliance Bank (1 May 2018). "The Branch Network of First Alliance Bank Zambia Limited". Lusaka: First Alliance Bank Zambia Limited. Retrieved 1 May 2018.
  4. Google (1 May 2018). "Location of the Headquarters of First Alliance Bank Zambia Limited, Lusaka" (Map). Google Maps. Google. Retrieved 1 May 2018.
  5. First Alliance Bank Zambia (1 May 2018). "First Alliance Bank Zambia Limited: About Us". Lusaka: First Alliance Bank Zambia Limited. Retrieved 1 May 2018.
  6. First Alliance Bank Zambia (25 September 2019). "The Shareholders in First Alliance Bank Zambia Limited". Lusaka: First Alliance Bank Zambia Limited. Retrieved 25 September 2019.
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