Zambia Industrial Commercial Bank

Zambia Industrial Commercial Bank (ZICB), is a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the central bank and national banking regulator.[1]

Zambia Industrial Commercial Bank
TypeParastatal
IndustryFinancial services
FoundedOctober 23, 2018 (2018-10-23)
HeadquartersLusaka, Zambia
Key people
Charles Sichangwa
Chairman
Ignatius Mwanza
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
WebsiteHomepage

History

In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure Intermarket Bank, to enable it to re-open.[2]

Subsequently, agreement was reached with the shareholders of the collapsed bank, on how the bank could be re-opened. The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution.[2]

The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management, in a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe. The restructured bank was named Zambia Industrial Commercial Bank.[3]

Ownership

As of February 2020, the bank's stock was owned by the following corporate entities:[4]

Zambia Industrial and Commercial Bank Stock Ownership
RankName of OwnerPercentage Ownership
1Industrial Development Corporation of Zambia71.0
2The National Pension Scheme Authority (NAPSA)
3Madison Finance Company Limited (MFinance)
4Workers' Compensation Fund Control Board of Zambia
Total100.00

Branch network

As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital and Kitwe, in the Copperbelt Province.[5]

Governance

The chairman of the seven-person board of directors is Charles Sichangwa. The managing director is Ignatius Mwanza.[6]

See also

References
  1. Bank of Zambia (13 February 2020). "List of Licensed Commercial Banks In Zambia". Lusaka: Bank of Zambia. Retrieved 13 February 2020.
  2. Chimweta Luyando (7 October 2017). "Intermarket Bank now ZICB Limited". Lusaka: The Mast Online. Retrieved 13 February 2020.
  3. 5FM Radio Zambia (23 October 2018). "ZICB Opens For Business". Lusaka: 5FM Radio Zambia. Retrieved 13 February 2020.
  4. Zambia Industrial Commercial Bank (February 2020). "ZICB Officially Launched". Lusaka: Zambia Industrial Commercial Bank. Retrieved 13 February 2020.
  5. Chambwa Moonga (28 November 2019). "Zambia Industrial Commercial Bank, Mastercard forge partnership". Lusaka: The Mast Online. Retrieved 13 February 2020.
  6. Zambia Industrial Commercial Bank (February 2020). "Zambia Industrial Commercial Bank: Board of Directors". Lusaka: Zambia Industrial Commercial Bank. Retrieved 13 February 2020.
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