Indo-Zambia Bank Limited
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1984 |
| Headquarters | Lusaka, Zambia |
Key people | Orlean Moyo Chairperson Mahesh Bansal Managing Director |
| Products | Loans, credit cards, savings, investments, mortgages |
| Revenue |  Aftertax:US$7.17 million (ZMK:37.2 billion) (2011)[1] |
| Total assets | US$308.6 million (ZMK:1.6 trillion) (Q1:2012)[2] |
Number of employees | 260+ (2009) |
| Website | izb.co.zm |
Indo-Zambia Bank (IZB), whose full name is Indo-Zambia Bank Limited, is a commercial bank in Zambia. It is one of the commercial banks licensed by Bank of Zambia, the national banking regulator.[3][4]
Overview
IZB is a medium-sized financial services provider in Zambia, providing retail banking services to the communities it serves. As of March 2012[update], the bank controlled total assets of nearly US$309 million (ZMK:1.6 trillion). At that time, the shareholders' equity in the bank was valued at approximately US$45.4 million (ZMK:235.4 billion).[5]
History
The bank was founded in 1984 by the Government of Zambia, and three state owned Indian banks: (a) Bank of Baroda (b) Bank of India and (c) Central Bank of India. Indo-Zambia Bank is a significant employer in the communities that it serves and is an active participant in CSR activities in Zambia.[6][7]
Ownership
The stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:[8]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Government of Zambia | 40.0 |
| 2 | Bank of Baroda | 20.0 |
| 3 | Bank of India | 20.0 |
| 4 | Central Bank of India | 20.0 |
| Total | 100.00 |
Branch network
The bank maintains its headquarters in Lusaka, the capital and largest city in Zambia. As of September 2009[update], it had a network of sixteen branches in various parts of the country.[9] Between 2009 and 2012, it opened six new branches, to bring the total branch network to twenty.[10]
Governance
Mrs. Orlean Moyo, a Zambian, is the Chairperson of the Board of Directors.[11] Mahesh Bansal, a national of India, serves as the Managing Director.[12]
See also
- List of banks in Zambia
- Bank of Zambia
- Economy of Zambia
- Bank of Baroda
- Bank of India
- Central Bank of India
References
- ^ Aftertax Profit For Financial Year 2011
- ^ Total Assets As of 31 March 2012
- ^ List of Licensed Banks In Zambia
- ^ List of Commercial Banks In Zambia
- ^ March 2012 Indo-Zambia Bank Financial Data
- ^ Indo-Zambia Bank Makes Regular Charitable Donations
- ^ Indo Bank SpendS K351 Miliion On Community Events
- ^ Shareholding In Indo-Zambia Bank
- ^ Indo-Zambia Bank Maintains Fourteen Branches As of September 2009
- ^ Indo-Zambia Bank Opened Six New Branches Between 2009 & 2012
- ^ Mrs. Orlean Moyo Is Chairperson of Indo-Zambia Bank
- ^ Shankardas Gupta Is Managing Director of Indo-Zambia Bank