Finance Bank Zambia Limited: Difference between revisions

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{{Infobox company
| name          = Finance Bank Zambia Limited
| logo          =
| type          = [[Private company|Private]]
| company_slogan =
| foundation    = 1986
| location      = Finance House, Cairo Road, [[Lusaka]], [[Zambia]]
| key_people    = '''[[Rajan Mahtani]]'''<br/>[[Chairman]]<br/>'''Barkat Ali'''<br/>[[Managing Director]] & [[CEO]]<ref>[http://www.financebank.co.zm/board-of-directors.php Finance Bank Board of Directors]</ref>
| num_employees  = 1,000+ (2011)
| assets        = US$370+ million (2009)<ref>[http://www.financebank.co.zm/pdf/Quarterly%20Stmt/PUBLICATION-30Sep09.pdf September 2009 Total Assets]</ref>
| revenue        = {{profit}} Aftertax: US$10.8 million (2009)
| industry      = [[Financial Services]]
| products      = [[Loans]], [[cheque|Checking]], [[Savings]], [[Investments]], [[Debit Cards]]
| homepage      = [http://www.financebank.co.zm/ Homepage]
}}
 
'''Finance Bank Zambia Limited''' (FBZ), commonly referred to as '''Finance Bank''', is a [[commercial bank]] in [[Zambia]]. It is one of the commercial banks in the country, licensed by the [[Bank of Zambia]], the national banking regulator.<ref>[http://www.boz.zm/ List of Licensed Commercial Banks in Zambia]</ref> The bank has a subsidiary; ''Zambezi Portland Cement Limited'', in which the bank maintains 100% shareholding.<ref>[http://www.lusakatimes.com/2010/02/21/mahtani-quits-finance-bank-board/ Zambezi Portland Cement Limited Is Subsidiary of FBZ]</ref>
 
==Overview==
FBZ is a medium-sized [[retail bank]] serving individuals and businesses across [[Zambia]]. {{asof|September 2009}}, the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million.<ref>[http://www.financebank.co.zm/pdf/Quarterly%20Stmt/PUBLICATION-30Sep09.pdf September 2009 Financial Statement]</ref> As of December 2011, the bank employed in excess of 1,000 individuals.<ref>[http://zambiachambers.org/index.php?option=com_content&view=article&id=828:fbz-probes-money-siphoned-during-boz-takeover&catid=1:latest-news&Itemid=57 Employees In Excess of 1,000]</ref>
 
==History==
The bank was established in 1986, having acquired a banking license from the [[Bank of Zambia]], the national banking regulator. The registered offices of the bank are at 226 Finsbury House, Buteko Avenue, [[Ndola]], [[Zambia]].<ref>[http://goliath.ecnext.com/coms2/product-compint-0000518193-page.html Finance Bank Zambia Limited Registered Office In Ndola]</ref> In May 2012, published [[Zambia]]n press reported that the bank was considering opening a subsidiary in neighboring [[Malawi]].<ref>[http://www.daily-mail.co.zm/?p=4006 Finance Bank Considering Entering Malawi]</ref>
 
==Ownership==
{{asof|January 2012}}, the ownership of the [[stock]] of the bank is as depicted in the table below:<ref>[http://www.financebank.co.zm/share-holders-fbz.php Shareholding In Finance Bank Zambia Limited]</ref>
 
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
|+ Finance Bank Zambia Limited Stock Ownership
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||[[Credit Suisse|Credit Suisse NBV]] of [[Amsterdam]], [[Netherlands]]||40.00
|-
|2||'''Finsbury Investments''' of [[Ndola]], [[Zambia]]||25.00
|-
|3||'''Clarkwell Investments''' of [[Tortilla]], [[British Virgin Islands]]||25.00
|-
|4||'''Job Albert Samuel''' of [[Etobicoke]], [[Ontario]], [[Canada]]||06.50
|-
|5||'''Estate of The Late Pat Bwalya Puta''' of [[Ndola]], [[Zambia]]||02.50
|-
|5||'''Patrick Chamunda of [[Kitwe]], [[Zambia]]||01.00
|-
| ||'''Total'''||'''100.00'''
|-
|}
 
==Branch Network==
{{asof|June 2012}}, FBZ maintains a main office and a network of forty-five branches at the following locations:<ref>[http://www.financebank.co.zm/bn.htm Branches of Finance Bank Zambia Limited]</ref>
 
# '''Head Office''' - Finance House, Cairo Road, [[Lusaka]]
# Chipata Branch - [[Chipata]]
# Chinsali Branch - [[Chinsali]]
# Chirundu Branch - [[Chirundu, Zambia|Chirundu]]
# Chingola Branch - [[Chingola]]
# Choma Branch - [[Choma]]
# Chongwe Branch - Chongwe
# Isoka Branch - [[Isoka]]
# Kabompo Branch - [[Kabompo]]
# Kabwe Branch - [[Kabwe]]
# Kalomo Branch - Kwame Nkrumah Road, [[Kalomo]]
# Kaoma Branch - Freedom Way, [[Kaoma, Zambia]]
# Kasama Branch - Workmen’s Compensation House, [[Kasama, Zambia|Kasama]]
# Kasumbalesa Branch - Congo Road, [[Kasumbalesa]]
# Chililabombwe Branch - [[Chililabombwe]]
# Katete Branch - [[Katete]]
# Kitwe Branch - Mukuba Pension House, Obote Avenue, [[Kitwe]]
# Livingstone Branch - [[Livingstone, Zambia|Livingstone]]
# Lusaka Airport Branch - [[Lusaka International Airport]]
# Lusaka Arcades Branch - Lusaka Arcades, [[Lusaka]]
# Lusaka Downtown Branch - Downtown Shopping Complex, [[Lusaka]]
# Lusaka Kamwala Branch - Kamwala, [[Lusaka]]
# Lusaka Longacres Branch - Longacres Shopping Center, [[Lusaka]]
# Lusaka Industrial Branch - Lusaka Industrial Area, Lumumba Road, [[Lusaka]]
# University of Zambia Branch - Great East Road Campus, [[University of Zambia]], [[Lusaka]]
# Lusaka Mulungushi Branch - Great East Road, [[Lusaka]]
# Luanshya Branch - Butungwa Avenue, [[Luanshya]]
# Mansa Branch - [[Mansa]]
# Mbala Branch - [[Mbala, Zambia|Mbala]]
# Monze Branch - [[Monze]]
# Mpika Branch - [[Mpika]]
# Mpulungu Branch - [[Mpulungu]]
# Mufulira Branch - Accra Road, [[Mufulira]]
# Mwinilunga Branch - [[Mwinilunga]]
# Nakonde Branch - Nakonde
# Ndola Branch - Finance House, President Avenue, [[Ndola]]
# Samfya Branch - [[Samfya]]
# Serenje Branch - [[Serenje]]
# Sesheke Branch - [[Sesheke]]
# Solwezi Branch - Independence Avenue, [[Solwezi]]
# Mongu Branch - [[Mongu]]
# Mansa Branch  - [[Mansa, Zambia|Mansa]]
# Gwembe Branch - [[Gwembe]]
# Kazungula Branch - [[Kazungula]]
# Levy Branch - Levy Business Park, [[Lusaka]]
# Manda Hill Branch - Manda Hill Shopping Mall, [[Lusaka]]
 
==Seizure by Central Bank==
On 10 December 2010, the [[Bank of Zambia]], the national banking regulator seized Finance Bank, citing illegal activity by the bank's shareholders, directors, management and senior staff. The central bank fired the bank's [[Board of Directors]] and entire management team. Bank of Zambia appointed [[FirstRand Bank]] as caretaker of Finance Bank Zambia until the ongoing investigations are concluded.<ref>[http://www.africareview.com/Business%20&%20Finance/-/979184/1070690/-/tvj0vc/-/index.html Finance Bank Taken Over By Central Bank]</ref>
 
==Return to original owners==
In October 2011, following the election of a new President in the country and his selection of a new cabinet of ministers, [[Michael Sata|President Michael Sata]] reversed the sale of Finance Bank Zambia (FBZ) to First National Bank (FNB) and ordered that the bank be returned to the original owners.<ref>[http://allafrica.com/stories/201110080107.html Bank of Zambia Hands FBZ Back to Owners]</ref>
 
== Acquisition by Atlas Mara ==
On 2 November 2015, [[Atlas Mara Co-Nvest Limited|Atlas Mara]] announced that it would be acquiring Finance Bank of Zambia and merge its operations to those of BancABC Zambia. This would result in the creation of Zambia's largest bank by branch network and fifth largest bank by assets.<ref>{{Cite web|url = http://otp.investis.com/clients/uk/atlas_mara1/rns/regulatory-story.aspx?cid=744&newsid=588691|title = Atlas Mara to acquire Finance Bank of Zambia Plc|date = 2 November 2015|accessdate = 2015-11-13|website = http://www.investis.com/|publisher = ATLAS Mara Limited|last = |first = }}</ref>
 
==See also==
* [[List of banks in Zambia]]
* [[Bank of Zambia]]
* [[Economy of Zambia]]
 
==References==
{{reflist|30em}}
 
==External links==
*[http://www.financebank.co.zm/ Website of Finance Bank Zambia Limited]
*[http://www.boz.zm/ Website of Bank of Zambia]
 
[[Category:Banks of Zambia]]
[[Category:Companies of Zambia]]
[[Category:Economy of Zambia]]
[[Category:Banks established in 1986]]
[[Category:Ndola]]
[[Category:1986 establishments in Zambia]]
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