ZICB all set to go into full scale business

THE Zambia Industrial and Commercial Bank (ZICB) is set to be fully functional in the first quarter of 2018, as it will continue to operate like any other commercial bank in the country.

This is after the Bank of Zambia (BoZ) received confirmation of proposals needed to re-open ZICB, formerly Intermarket Bank Corporation, from the institution’s stakeholders which indicated that the bank will soon start operations. ZICB was on November 28, 2016 declared insolvent by the BoZ for failing to meet the requirements in the industry.

Bankers Association of Zambia (BAZ) chief executive officer, Leonard Mwanza, said the successful restructuring of ZICB, which was a sign of confidence in the sector, brought the number of commercial banks operating in the country in 2017 to 18.

“The number of operating commercial banks which crossed into 2017 was 17 down from 19 which crossed into 2016. There were two key events which happened in 2016, the repossession of Intermarket Banking Corporation as well as the merger between Banc ABC and Finance Bank which reduced the number of banks on the market,

“By end of 2017 the number of banks had increased to 18, after the successful restructuring of Intermarket Banking Corporation, which will now operate as Zambia Industrial and Commercial Bank and is set to be fully functional in the first quarter of 2018,” he said. Mr. Mwanza in a press query said during the period under review, there were eight foreign owned banks, eight locally incorporated banks and two jointly owned with the Government.