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]]

Latest revision as of 04:05, 27 June 2016

Finance Bank Zambia Limited
Type
Private
IndustryFinancial Services
Founded1986
HeadquartersFinance House, Cairo Road, Lusaka, Zambia
Key people
Rajan Mahtani
Chairman
Barkat Ali
Managing Director & CEO[1]
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncrease Aftertax: US$10.8 million (2009)
Total assetsUS$370+ million (2009)[2]
Number of employees
1,000+ (2011)
WebsiteHomepage

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.[3] The bank has a subsidiary; Zambezi Portland Cement Limited, in which the bank maintains 100% shareholding.[4]

Overview

FBZ is a medium-sized retail bank serving individuals and businesses across Zambia. As of September 2009, the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million.[5] As of December 2011, the bank employed in excess of 1,000 individuals.[6]

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.[7] In May 2012, published Zambian press reported that the bank was considering opening a subsidiary in neighboring Malawi.[8]

Ownership

As of January 2012, the ownership of the stock of the bank is as depicted in the table below:[9]

Finance Bank Zambia Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 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

As of June 2012, FBZ maintains a main office and a network of forty-five branches at the following locations:[10]

  1. Head Office - Finance House, Cairo Road, Lusaka
  2. Chipata Branch - Chipata
  3. Chinsali Branch - Chinsali
  4. Chirundu Branch - Chirundu
  5. Chingola Branch - Chingola
  6. Choma Branch - Choma
  7. Chongwe Branch - Chongwe
  8. Isoka Branch - Isoka
  9. Kabompo Branch - Kabompo
  10. Kabwe Branch - Kabwe
  11. Kalomo Branch - Kwame Nkrumah Road, Kalomo
  12. Kaoma Branch - Freedom Way, Kaoma, Zambia
  13. Kasama Branch - Workmen’s Compensation House, Kasama
  14. Kasumbalesa Branch - Congo Road, Kasumbalesa
  15. Chililabombwe Branch - Chililabombwe
  16. Katete Branch - Katete
  17. Kitwe Branch - Mukuba Pension House, Obote Avenue, Kitwe
  18. Livingstone Branch - Livingstone
  19. Lusaka Airport Branch - Lusaka International Airport
  20. Lusaka Arcades Branch - Lusaka Arcades, Lusaka
  21. Lusaka Downtown Branch - Downtown Shopping Complex, Lusaka
  22. Lusaka Kamwala Branch - Kamwala, Lusaka
  23. Lusaka Longacres Branch - Longacres Shopping Center, Lusaka
  24. Lusaka Industrial Branch - Lusaka Industrial Area, Lumumba Road, Lusaka
  25. University of Zambia Branch - Great East Road Campus, University of Zambia, Lusaka
  26. Lusaka Mulungushi Branch - Great East Road, Lusaka
  27. Luanshya Branch - Butungwa Avenue, Luanshya
  28. Mansa Branch - Mansa
  29. Mbala Branch - Mbala
  30. Monze Branch - Monze
  31. Mpika Branch - Mpika
  32. Mpulungu Branch - Mpulungu
  33. Mufulira Branch - Accra Road, Mufulira
  34. Mwinilunga Branch - Mwinilunga
  35. Nakonde Branch - Nakonde
  36. Ndola Branch - Finance House, President Avenue, Ndola
  37. Samfya Branch - Samfya
  38. Serenje Branch - Serenje
  39. Sesheke Branch - Sesheke
  40. Solwezi Branch - Independence Avenue, Solwezi
  41. Mongu Branch - Mongu
  42. Mansa Branch - Mansa
  43. Gwembe Branch - Gwembe
  44. Kazungula Branch - Kazungula
  45. Levy Branch - Levy Business Park, Lusaka
  46. 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.[11]

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, 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.[12]

Acquisition by Atlas Mara

On 2 November 2015, 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.[13]

See also

References

<templatestyles src="Reflist/styles.css" />

  1. ↑ Finance Bank Board of Directors
  2. ↑ September 2009 Total Assets
  3. ↑ List of Licensed Commercial Banks in Zambia
  4. ↑ Zambezi Portland Cement Limited Is Subsidiary of FBZ
  5. ↑ September 2009 Financial Statement
  6. ↑ Employees In Excess of 1,000
  7. ↑ Finance Bank Zambia Limited Registered Office In Ndola
  8. ↑ Finance Bank Considering Entering Malawi
  9. ↑ Shareholding In Finance Bank Zambia Limited
  10. ↑ Branches of Finance Bank Zambia Limited
  11. ↑ Finance Bank Taken Over By Central Bank
  12. ↑ Bank of Zambia Hands FBZ Back to Owners
  13. ↑ Lua error in ...ribunto/includes/engines/LuaCommon/lualib/mwInit.lua at line 23: bad argument #1 to 'old_ipairs' (table expected, got nil).

External links

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