By REBECCA MUSHOTA –
THE Bank of Zambia (BoZ) has assured all account holders of the restructured Zambia Industrial Commercial Bank (ZICB), formerly Intermarket Banking Cooperation, that they will be paid their money as soon as the bank starts operating.
BoZ deputy governor Bwalya Ng’andu said all account holders would be paid up to K200,000 on each deposit without interest.
Dr Ng’andu said this yesterday at the Mulungushi International Conference Centre at the meeting held for depositors and other stakeholders.
“All the 66,164 deposit account holders will be paid up to K200,000 on each deposit without interest,” he said.
Dr Ng’andu said the account holders would be paid as soon as the new management started operating.
The shareholders of the new bank are the National Pension Scheme Authority, Madison Insurance, Workers Compensation Fund Control Board and the Industrial Development Corporation.
Dr Ng’andu said the bank acquired liabilities which led to its closure and had made losses during the time it had been closed.
He said the selected, acquired liabilities would be placed under the IDC through the former bank, Intermarket.
Dr Ng’andu said the Intermarket Bank under the IDC would then be placed under compulsory liquidation.
He said it was important to note the difference between the new bank (ZICB) and the one that would be placed under compulsory liquidation.
ZICB will take over the assets of Intermarket.
The new bank was announced at the 2018 Budget presentation by Finance Minister Felix Mutati recently.
Intermarket had been closed since November 28 last year when BoZ took over operations.