Finance Bank Zambia Limited

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Finance Bank Zambia Limited
Type Private
Industry Financial Services
Founded 1986
Headquarters Finance House, Cairo Road, Lusaka, Zambia
Key people Rajan Mahtani
Chairman
Barkat Ali
Managing Director & CEO[1]
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$10.8 million (2009)
Total assets US$370+ million (2009)[2]
Employees 1,000+ (2011)
Website Homepage

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.[3] The bank has a subsidiary; Zambezi Portland Cement Limited, in which the bank maintains 100% shareholding.[4]

Overview[edit]

FBZ is a medium-sized retail bank serving individuals and businesses across Zambia. As of September 2009, the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million.[5] As of December 2011, the bank employed in excess of 1,000 individuals.[6]

History[edit]

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.[7] In May 2012, published Zambian press reported that the bank was considering opening a subsidiary in neighboring Malawi.[8]

Ownership[edit]

As of January 2012, the ownership of the stock of the bank is as depicted in the table below:[9]

Finance Bank Zambia Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Credit Suisse NBV of Amsterdam, Netherlands 40.00
2 Finsbury Investments of Ndola, Zambia 25.00
3 Clarkwell Investments of Tortilla, British Virgin Islands 25.00
4 Job Albert Samuel of Etobicoke, Ontario, Canada 06.50
5 Estate of The Late Pat Bwalya Puta of Ndola, Zambia 02.50
5 Patrick Chamunda of Kitwe, Zambia 01.00
Total 100.00

Branch Network[edit]

As of June 2012, FBZ maintains a main office and a network of forty-five branches at the following locations:[10]

  1. Head Office - Finance House, Cairo Road, Lusaka
  2. Chipata Branch - Chipata
  3. Chinsali Branch - Chinsali
  4. Chirundu Branch - Chirundu
  5. Chingola Branch - Chingola
  6. Choma Branch - Choma
  7. Chongwe Branch - Chongwe
  8. Isoka Branch - Isoka
  9. Kabompo Branch - Kabompo
  10. Kabwe Branch - Kabwe
  11. Kalomo Branch - Kwame Nkrumah Road, Kalomo
  12. Kaoma Branch - Freedom Way, Kaoma, Zambia
  13. Kasama Branch - Workmen’s Compensation House, Kasama
  14. Kasumbalesa Branch - Congo Road, Kasumbalesa
  15. Chililabombwe Branch - Chililabombwe
  16. Katete Branch - Katete
  17. Kitwe Branch - Mukuba Pension House, Obote Avenue, Kitwe
  18. Livingstone Branch - Livingstone
  19. Lusaka Airport Branch - Lusaka International Airport
  20. Lusaka Arcades Branch - Lusaka Arcades, Lusaka
  21. Lusaka Downtown Branch - Downtown Shopping Complex, Lusaka
  22. Lusaka Kamwala Branch - Kamwala, Lusaka
  23. Lusaka Longacres Branch - Longacres Shopping Center, Lusaka
  24. Lusaka Industrial Branch - Lusaka Industrial Area, Lumumba Road, Lusaka
  25. University of Zambia Branch - Great East Road Campus, University of Zambia, Lusaka
  26. Lusaka Mulungushi Branch - Great East Road, Lusaka
  27. Luanshya Branch - Butungwa Avenue, Luanshya
  28. Mbala Branch - Mbala
  29. Monze Branch - Monze
  30. Mpika Branch - Mpika
  31. Mpulungu Branch - Mpulungu
  32. Mufulira Branch - Accra Road, Mufulira
  33. Mwinilunga Branch - Mwinilunga
  34. Nakonde Branch - Nakonde
  35. Ndola Branch - Finance House, President Avenue, Ndola
  36. Samfya Branch - Samfya
  37. Serenje Branch - Serenje
  38. Sesheke Branch - Sesheke
  39. Solwezi Branch - Independence Avenue, Solwezi
  40. Mongu Branch - Mongu
  41. Mansa Branch - Mansa
  42. Gwembe Branch - Gwembe
  43. Kazungula Branch - Kazungula
  44. Levy Branch - Levy Business Park, Lusaka
  45. Manda Hill Branch - Manda Hill Shopping Mall, Lusaka

Seizure by Central Bank[edit]

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.[11]

Return to original owners[edit]

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.[12]

See also[edit]

External links[edit]

References[edit]