By MAYA NTANDA -
GOVERNMENT has restructured the Intermarket Banking Cooperation(IBC) for the development of the banking sector in the country.
The new bank will operate under the name of Zambia Industrial Commercial Bank and will take over the assets of IBC.
Finance Minister Felix Mutati announced during the presentation of the 2018 budget on Friday last week that management for the restructured bank has been appointed and the bank will soon commence operation.
“Government has successfully restructed the Intermarket Banking Cooperation that closed last year. I am glad to inform the House that the shareholder agreement for the new restructured bank has been concluded and the capital requirement has been met,” he said.
Mr Mutati said following the successful restructuring of the Intermarket bank, Government was now repositioning the National Savings and Credit Bank (NSCB) and the Development Bank of Zambia (DBZ).
This, he said, will improve their governance structure and their capability in contributing to the development of the banking sector and the economy.
The Minister said the repositioning will include the restructuring of the NSCB into a full-fledged commercial bank with private equity participation.
On Novermber 28, last year, the Bank of Zambia took possession of IBC because it had become insolvent and was unable to meet its obligations.