By JUDITH NAMUTOWE –
THE Bank of Zambia (BoZ) has started  re-structuring the Intermarket Banking Corporation  (IBC), in a move aimed at restoring its solvency andsubsequent return to business.
Deputy Governor – operations, Bwalya  Ng’andu said after the possessionof the  IBC on November 28, 2016, the BoZ had prepared a statement ofaffairs of the assets and liabilities of the  bank within the stipulated 90 days of taking possession.
“As a result of the financial commitments from the shareholders andthe new equity partner, the statement of affairs of the assets and liabilities shows that IBC is now solvent.
“The bank has, therefore, decided to restructure the bank in line with the provisions of Section 84 B (a) (1) of the Banking, Financial Services Act (BFSA),” Dr Ng’andu said.
He said this in a statement released yesterday by head ofcommunication Kanguya Mayondi.
Dr Ng’andu said the Central Bank reviewed the restructuring proposal  and the business plan, as  submitted  by the shareholders,  and concluded that it provided a viable basis for the successful restructuring  of IBC.
He said the BoZ received a proposal from shareholders to restructure the IBC to restore its solvency and operations.
Dr Ng’andu said that while IBC was indeed insolvent at the time of possession, the bank received a proposal from shareholders to restructure it after receiving commitments from shareholders and new equity partners.
“As  a result of the financial commitments from the shareholders and new equity partners, the statement of  affairs of  the assets and liabilities shows that  IBC is  now solvent,”  Dr Ng’andu said.