Intermarket Bank reopens under new name
THE closed Intermarket Banking Corporation has been restructured and will re-open under a new name - Zambia Industrial Commercial Bank.
Finance Minister Felix Mutati announced yesterday in Parliament during the presentation of the 2018 national budge, that the new bank will take over the assets of the defunct Intermarket Banking Corporation.
Mr Mutati said the management for the restructured bank has since been appointed and it will soon commence operations.
Mr Mutati said Government will now reposition the National Savings and Credit Bank into a full-fledged commercial bank with private equity participation.
“Sir, following the successful restructuring of Intermarket Bank, Government is now repositioning the National Savings and Credit Bank and Development Bank of Zambia to improve their governance structure and their capacity in contributing to the development of the banking sector and the economy,” said Mr Mutati.