Intermarket Bank to reopen

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).

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