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]
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, the bank's stock was owned by the following corporate entities:[4]
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
- Intermarket Bank
- List of banks in Zambia
- Economy of Zambia
External links
References
- Bank of Zambia. List of Licensed Commercial Banks In Zambia Bank of Zambia, 13 February 2020, retrieved 13 February 2020^
- Chimweta Luyando. Intermarket Bank now ZICB Limited The Mast Online, 7 October 2017, retrieved 13 February 2020^
- 5FM Radio Zambia. ZICB Opens For Business 5FM Radio Zambia, 23 October 2018, retrieved 13 February 2020^
- Zambia Industrial Commercial Bank. ZICB Officially Launched Zambia Industrial Commercial Bank, February 2020, retrieved 13 February 2020^
- Chambwa Moonga. Zambia Industrial Commercial Bank, Mastercard forge partnership The Mast Online, 28 November 2019, retrieved 13 February 2020^
- Zambia Industrial Commercial Bank. Zambia Industrial Commercial Bank: Board of Directors Zambia Industrial Commercial Bank, February 2020, retrieved 13 February 2020^