Finance Bank Zambia Limited
|Headquarters||Finance House, Cairo Road, Lusaka, Zambia|
|Key people||Rajan Mahtani
Managing Director & CEO
|Products||Loans, Checking, Savings, Investments, Debit Cards|
|Revenue||Aftertax: US$10.8 million (2009)|
|Total assets||US$370+ million (2009)|
Finance Bank Zambia Limited (FBZ), commonly referred to as Finance Bank, is a commercial bank in Zambia. It is one of the commercial banks in the country, licensed by the Bank of Zambia, the national banking regulator. The bank has a subsidiary; Zambezi Portland Cement Limited, in which the bank maintains 100% shareholding.
FBZ is a medium-sized retail bank serving individuals and businesses across Zambia. As of September 2009[update], the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million. As of December 2011, the bank employed in excess of 1,000 individuals.
The bank was established in 1986, having acquired a banking license from the Bank of Zambia, the national banking regulator. The registered offices of the bank are at 226 Finsbury House, Buteko Avenue, Ndola, Zambia. In May 2012, published Zambian press reported that the bank was considering opening a subsidiary in neighboring Malawi.
|Finance Bank Zambia Limited Stock Ownership|
Seizure by Central Bank
On 10 December 2010, the Bank of Zambia, the national banking regulator seized Finance Bank, citing illegal activity by the bank's shareholders, directors, management and senior staff. The central bank fired the bank's Board of Directors and entire management team. Bank of Zambia appointed FirstRand Bank as caretaker of Finance Bank Zambia until the ongoing investigations are concluded.
Return to original owners
In October 2011, following the election of a new President in the country and his selection of a new cabinet of ministers, President Michael Sata reversed the sale of Finance Bank Zambia (FBZ) to First National Bank (FNB) and ordered that the bank be returned to the original owners.