Zambia Industrial Commercial Bank
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| Company type | Parastatal |
|---|---|
| Industry | Financial services |
| Founded | October 23, 2018 |
| Headquarters | Lusaka, Zambia |
Key people | Charles Sichangwa Chairman Ignatius Mwanza Managing Director |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Website | Homepage |
Zambia Industrial Commercial Bank (ZICB), is a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the central bank and national banking regulator.[1]
In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure Intermarket Bank, to enable it to re-open.[2]
Subsequently, agreement was reached with the shareholders of the collapsed bank, on how the bank could be re-opened. The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution.[2]
The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management, in a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe. The restructured bank was named Zambia Industrial Commercial Bank.[3]
Ownership
As of February 2020[update], the bank's stock was owned by the following corporate entities:[4]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Industrial Development Corporation of Zambia | 71.0 |
| 2 | The National Pension Scheme Authority (NAPSA) | |
| 3 | Madison Finance Company Limited (MFinance) | |
| 4 | Workers' Compensation Fund Control Board of Zambia | |
| Total | 100.00 | |
Branch network
As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital and Kitwe, in the Copperbelt Province.[5]
Governance
The chairman of the seven-person board of directors is Charles Sichangwa. The managing director is Ignatius Mwanza.[6]
