By TENDAI KADYAMOTO –
INDO Zambia Bank (IBZ) has officially opened a new branch in Lusaka’s Chilenje Township, bringing the total number of branches to 29 in the country.
IZB managing director Shankardas Gupta said the opening of the Chilenje branch would position the bank to sustain the momentum of driving inclusive broad-based growth and development at a national level.
Mr Gupta said the bank was a solid bank which commanded very strong financial fundamentals with high net worth, high capital adequacy ratio, very comfortable liquidity position, good quality asset portfolio and a negligible net non-performing asset (NPA) position as
on date.
He said the bank’s total assets currently stood at K2.4 million in excess adding that it registered a notable business growth of K3 billion.
Mr Gupta was speaking at the official opening of the IZB Chilenje branch in Lusaka on Friday.
“The opening of this Chilenje branch will bring the total branch network to 29 with a presence in all the provinces of the country and this branch network will increase to 32 branches before the end of the year with the opening of our branches in Mungwi, Lundazi and Serenje,” Mr. Gupta said.
Mr Gupta said the bank was expected to open three more new branches in Mungwi, Lundazi and Serenje before the end of the year in an effort to improve service delivery in the country.
Speaking at the same event, Finance deputy minister Christopher Mvunga said the opening of the IZB branch demonstrated the bank’s commitment in partnering with government in fostering development and supporting the growth of the private sector and the economy particularly in
Lusaka.
Mr Mvunga added that IBZ had been a viable investment for the government as it had consistently paid dividends to the government which was a 40 per cent shareholder.
He said government would continue to put in place policy measures that would foster growth and strengthen corporate governance in the financial sector and implement reforms aimed at lowering the cost of
doing business in Zambia.
“The Government will continue to put in place policy measures that will foster the growth and strengthen corporate governance in the financial sector in Zambia.
“I wish to affirm the fact that the government will continue implementing reforms aimed at lowering the cost of doing business in the country,” Mr Mvunga said.