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. The bank has a subsidiary; Zambezi Portland Cement Limited, in which the bank maintains 100% shareholding.
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. As of December 2011, the bank employed in excess of 1,000 individuals.
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. In May 2012, published Zambian press reported that the bank was considering opening a subsidiary in neighboring Malawi.
Ownership
As of January 2012, the ownership of the stock of the bank is as depicted in the table below:
Branch Network
As of June 2012, FBZ maintains a main office and a network of forty-five branches at the following locations:
- Head Office - Finance House, Cairo Road, Lusaka
- Chipata Branch - Chipata
- Chinsali Branch - Chinsali
- Chirundu Branch - 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
- Kasumbalesa Branch - Congo Road, Kasumbalesa
- Chililabombwe Branch - Chililabombwe
- Katete Branch - Katete
- Kitwe Branch - Mukuba Pension House, Obote Avenue, Kitwe
- Livingstone Branch - 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
- 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
- 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.
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.
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.
See also
- List of banks in Zambia
- Bank of Zambia
- Economy of Zambia
References
External links
- Finance Bank Zambia Limited website
- Bank of Zambia website