Zambia Industrial Commercial Bank Overview and Operations

The Zambia Industrial Commercial Bank was established in 1987 to provide financial services to the industrial and commercial sectors of the economy.

The bank's primary objective is to promote economic growth and development by providing credit facilities to the productive sectors of the economy.

The bank has a wide range of products and services, including term loans, overdrafts, and foreign exchange services, which cater to the needs of various clients.

The bank's operations are guided by a strong corporate governance framework that ensures transparency and accountability in its business dealings.

The bank has a network of branches and agencies located in major towns and cities across the country, providing convenient access to its services for clients.

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The Bank Structure of Zambia Industrial Commercial Bank is built on a robust foundation.

The bank operates as a state-owned institution, with the government holding a significant stake.

This structure allows the bank to maintain a strong sense of social responsibility, prioritizing the needs of the local community.

The bank's branch network is a crucial part of its overall structure.

As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital.

The Copperbelt Province is also home to a branch, located in the city of Kitwe.

This suggests that the bank has a strong presence in the country's urban areas.

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As of February 2020, the bank's stock was owned by a few key corporate entities.

The Industrial Development Corporation of Zambia holds the largest stake, with an impressive 71.0% of ownership. This means they have a significant amount of control over the bank's decisions and operations.

The National Pension Scheme Authority (NAPSA) is the second-largest shareholder, but their percentage of ownership is not specified in the data. This lack of transparency makes it difficult to determine their exact influence on the bank.

Madison Finance Company Limited (MFinance) and the Workers' Compensation Fund Control Board of Zambia also hold stakes in the bank, but their percentages of ownership are not provided. This omission makes it challenging to assess their level of involvement.

Here is a breakdown of the bank's ownership structure as of February 2020:

The governance structure of the bank is overseen by a seven-person board of directors.

Charles Sichangwa serves as the chairman of this board.

The board is led by a managing director named Ignatius Mwanza.

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The Zambia Industrial Commercial Bank has a fascinating history. It was formed after the re-structuring of Intermarket Bank, which had become insolvent in 2016.

The Bank of Zambia took possession of Intermarket Bank in November 2016, and by February 2017, a plan was in place to re-open the bank. The restructured bank was named Zambia Industrial Commercial Bank.

In a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe, the restructured bank opened for business on 23 October 2018 in Lusaka, Zambia's capital city.

In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations.

The bank had become a significant issue, affecting many people's lives. This was a major decision by the Bank of Zambia to step in and take control.

In February 2017, the central bank announced that it would re-structure Intermarket Bank, to enable it to re-open. This was a crucial step towards reviving the bank and restoring public trust.

The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank, opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution. This move helped to stabilize the bank's finances.

The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management. This marked a significant milestone in the bank's history.

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Our goal is to support small and medium enterprises (SMEs), particularly those in the agricultural sector.

We're working with ZICB to achieve this goal, as they share our commitment to smallholder farmers.

ZICB is acting as our local partner in Zambia, with four parties functioning as sub-contractors, consulting and maintaining contact with the farmers.

We've signed a memorandum of understanding in February, expressing our ambitious goal to onboard a million farmers together by 2030.

This partnership agreement solidifies our collaboration with ZICB, allowing us to expand our involvement and cooperation.

It all started with a simple conversation at the beginning of 2022, where ZICB introduced us to Carbon Forest Zambia, a potentially interesting party.

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