In­ter­mar­ket Bank re­opens un­der new name

Daily Nation Newspaper - - HOME NEWS - By KALOBWE BWALYA

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.

Newspapers in English

Newspapers from Zambia

© PressReader. All rights reserved.