Finance Bank Zambia Limited

Finance Bank Zambia Limited
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]
Number of 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

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

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

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 OwnerPercentage Ownership
1Credit Suisse NBV of Amsterdam, Netherlands40.00
2Finsbury Investments of Ndola, Zambia25.00
3Clarkwell Investments of Tortilla, British Virgin Islands25.00
4Job Albert Samuel of Etobicoke, Ontario, Canada06.50
5Estate of The Late Pat Bwalya Puta of Ndola, Zambia02.50
5Patrick Chamunda of Kitwe, Zambia01.00
Total100.00

Branch Network

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. Mansa Branch - Mansa
  29. Mbala Branch - Mbala
  30. Monze Branch - Monze
  31. Mpika Branch - Mpika
  32. Mpulungu Branch - Mpulungu
  33. Mufulira Branch - Accra Road, Mufulira
  34. Mwinilunga Branch - Mwinilunga
  35. Nakonde Branch - Nakonde
  36. Ndola Branch - Finance House, President Avenue, Ndola
  37. Samfya Branch - Samfya
  38. Serenje Branch - Serenje
  39. Sesheke Branch - Sesheke
  40. Solwezi Branch - Independence Avenue, Solwezi
  41. Mongu Branch - Mongu
  42. Mansa Branch - Mansa
  43. Gwembe Branch - Gwembe
  44. Kazungula Branch - Kazungula
  45. Levy Branch - Levy Business Park, Lusaka
  46. Manda Hill Branch - Manda Hill Shopping Mall, Lusaka

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.[11]

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.[12]

Acquisition by Atlas Mara

On 2 November 2015, Atlas Mara announced that it would be acquiring Finance Bank of Zambia and merge its operations to those of BancABC Zambia. This would result in the creation of Zambia's largest bank by branch network and fifth largest bank by assets.[13]

See also

References

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