Zambia National Commercial Bank

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"Zanaco" redirects here; for the football club, see Zanaco FC.
Zambia National Commercial Bank
Public;:LuSE:ZANACO
Industry Financial Services
Founded 1969
Headquarters Lusaka, Zambia
Key people
Charity C Lumpa
Chairman
Bruce Dick
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$23 million (ZMK:121 billion) (2011)
Total assets US$900+ million (ZMK:4.72 trillion) (2011)
Number of employees
1,180+ (2011)
Website Homepage

Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is one of the commercial banks in the country, licensed by Bank of Zambia, the national banking regulator.[1]

Overview[edit]

Zanaco is a large financial services provider in Zambia. As of December 2011, the bank's total assets were valued at US$900 million (ZMK:4.72 trillion), with shareholders' equity of about US$111.2 million (ZMK:582.7 billion), according to the bank's 2011 audited financial statement.[2]

History[edit]

Zanaco was founded in 1969 by the Government of Zambia.[3] Prior to 2007, the bank was 100% owned by the government. In that year, 49% of its shares were sold to the Rabobank Group, a banking company from the Netherlands. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange (LuSE), where they trade under the symbol: ZANACO. The current shareholding in the bank is detailed in the section below. According to the Bank of Zambia, Zanaco was the most profitable commercial bank in Zambia during the first six months of 2009.[4]

Ownership[edit]

As of December 2011, the banks's stock is owned by the following corporate entities and individuals:[5]


Zanaco Stock Ownership
Rank Name of Owner Percentage Ownership
1 Rabobank 45.59
2 Government of Zambia 25.00
3 Public 24.68
4 Lizara Investments Limited* 3.41
5 Employee Share Ownership Programme (ESOP) 1.32
TOTAL 100.00
  • Lizara Investments Limited is an investment subsidiary of Zambia National Farmers Union (ZNFU) [6]

Branch Network[edit]

Zanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of February 2011, the bank has fifty-seven fully functional branches, spread across the entire country.[7] In addition, Zanaco has partnered with the Zambian Post-office known as Zampost to allow Zanaco customers to deposit and withdraw funds from their accounts at Zampost outlets which total about one hundred, distributed all over Zambia, in both rural and urban locales. By July 2012, the number of fully fledged bank branches (including Agency Branches), had increased to 62.[8]

Community service[edit]

Zanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia.

See also[edit]

External links[edit]

References[edit]