- by Joseph Mwenda on 11 Dec 2017by Mukosha Funga on 11 Dec 2017by Mukosha Funga on 11 Dec 2017by Joseph Mwenda on 11 Dec 2017
- Goal Diggers
- by Diggers Reporter on 11 Dec 2017by William Chileshe on 8 Dec 2017by Mukosha Funga on 8 Dec 2017by Mukosha Funga on 8 Dec 2017
- by Mukosha Funga on 11 Dec 2017by Diggers Reporter on 8 Dec 2017by Diggers Reporter on 7 Dec 2017by Diggers Reporter on 6 Dec 2017
- Editor's Choice
- by Diggers Reporter on 4 Dec 2017by Laura Miti on 24 Nov 2017by The Washington Post on 16 Nov 2017by Times of Zambia employees on 15 Nov 2017
- by Diggers Editor on 10 Dec 2017by Diggers Editor on 8 Dec 2017by Diggers Editor on 6 Dec 2017by Diggers Editor on 2 Dec 2017
- by Mirriam Chabala on 5 Dec 2017by Diggers Reporter on 30 Nov 2017by Sipilisiwe Ncube on 29 Nov 2017by Joseph Mwenya on 28 Nov 2017
- Guest Diggers
- by Chibamba Kanyama on 26 Nov 2017by Sishuwa Sishuwa on 18 Nov 2017by Ambassador Eric Schultz on 13 Nov 2017by Sishuwa Sishuwa on 9 Nov 2017
Intermarket Bank to reopenBy Charles Mafa on 28 Feb 2017
THE Bank of Zambia (BOZ) has declared Intermarket Banking Corporation (IBC) solvent; 90 days after the Central Bank takeover.
The statement means that the commercial bank will soon be reopened and depositors would have access to their money.
According to a statement issued by BOZ, the shareholders have proposed to restructure Intermarket Bank so as to restore its solvency and operations.
“The Bank received the restructuring proposal and business plan as submitted by the shareholders and concluded that it provides a viable basis for the restructuring of IBC,” said the Bank of Zambia in a statement issued on Monday.
“As a result of the financial commitments from shareholders and new equity partner, the Statement of Affairs of the Assets and Liabilities shows that IBC is now solvent.”
And finance minister Felix Mutati told Parliament this afternoon that the bank would be open to the public within the next 30 days.
In November last year, the Bank of Zambia (BOZ) announced their takeover of Intermarket Bank, stating: “the financial service provider is unable to continue its operations in the ordinary course of its business”.
The statement also said the financial service provider’s capital was less than the prescribed minimum.
The Central Bank has advised all depositors, creditors and the general public to wait for further steps to be taken in the process of effecting restructuring of IBC in line with the Banking and Financial Services Act (BFSA).Related Items
Subscribe for email alerts
Weekly Most Digged
- «December 2017»
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
+26-097-7708285, 095-3424603, 096-5815078
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend