Indo-Zambia Bank Limited

Indo-Zambia Bank
Type Private
Industry Banking
Founded 1984
Headquarters Lusaka, Zambia
Key people O. Moyo, Chairperson
Satish Shukla, Managing Director
Products Loans, credit cards, savings, investments, mortgages
Revenue Pretax:US$4.5 million (2009)[1]
Total assets US$130+ million (2009)[2]
Employees 260+ (2009)

Indo-Zambia Bank (IZB), whose full name is Indo-Zambia Bank Limited, is a commercial bank in Zambia. It is one of the eighteen (18) licensed commercial bank in the country.[3][4]

Contents

Overview

IZB is a medium-sized financial services provider in Zambia, providing retail banking services to the communities it serves. As of February 2010, the bank controlled total assets of over US$130 million. The shareholders equity in the bank was approximately US$26 million in September 2009.[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]

Ownership

The stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:[7]

First Alliance Bank Zambia Limited Stock Ownership
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. It has a network of fourteen (14) branches in various parts of the country.[8]

Governance

Mrs. O. Moyo, a Zambian, is the Chairperson of the Board of Directors.[9] Satish Shukla, a national of India, serves as the Managing Director.[10]

External links

See also

References

  1. ^ Projected Pretax Profit December 2009
  2. ^ Estimated Total Assets Exceed US$130 Million February 2009
  3. ^ List of Licensed Commercial Banks in Zambia
  4. ^ List of Commercial Banks Operating In Zambia
  5. ^ Overview of Balance Sheets of Zambian Commercial Banks As Of September 2009
  6. ^ Indo-Zambia Bank Makes Regular Charitable Donations
  7. ^ Shareholding In Indo-Zambia Bank
  8. ^ Indo-Zambia Bank Maintains Fourteen Branches As of September 2009
  9. ^ Mrs. O. Moyo Is Chairperson of Indo-Zambia Bank
  10. ^ Satish Shukla Is Managing Director of Indo-Zambia Bank