Finance Bank Zambia Limited
Encyclopedia
Finance Bank Zambia Limited (FBZ), commonly referred to as Finance Bank, is a commercial bank
in Zambia
. It is one of the eighteen (18) licensed commercial banks in the country, as of October 2010. The bank has a subsidiary; Zambezi Portland Cement Limited, in which the bank maintains 100% shareholding.
. , the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million.
, the national banking regulator. The registered offices of the bank are at 226 Finsbury House, Buteko Avenue, Ndola
, Zambia
.
Finsbury Investments 25%
Clarkwell Investments 25%
Job Albert Samuel 6.5%
Estate of The Late Pat Bwalya Puta 2.5%
Patrick S Chamunda 1%
, 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.
reversed the sale of Finance Bank Zambia (FBZ) to First Rand National Bank (FNB) and ordered that the bank be returned to the original owners.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. It is one of the eighteen (18) licensed commercial banks in the country, as of October 2010. 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 ZambiaZambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. , the bank controlled approximately US$370 million in assets, with shareholders' equity of approximately US$41.6 million.
History
The bank was established in 1986, having acquired a banking license from the Bank of ZambiaBank of Zambia
The Bank of Zambia is the central bank of Zambia. According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in Lusaka....
, the national banking regulator. The registered offices of the bank are at 226 Finsbury House, Buteko Avenue, Ndola
Ndola
Ndola is the third largest city in Zambia, with a population of 495,000 . It is the industrial, commercial, on the Copperbelt, Zambia's copper-mining region, and capital of Copperbelt Province. It is also the commercial capital city of Zambia and has one of the three international airports, others...
, Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
.
Ownership
Credit Suisse NBV 40%Finsbury Investments 25%
Clarkwell Investments 25%
Job Albert Samuel 6.5%
Estate of The Late Pat Bwalya Puta 2.5%
Patrick S Chamunda 1%
Branch Network
, FBZ maintains a main office and a network of thirty nine (39) branches at the following locations:- Head Office - Finance House, Cairo Road, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Chipata Branch - ChipataChipataChipata, population 98,416, is the capital of the Eastern Province of Zambia. The two languages spoken are Nyanja and English, though you might find some Indian languages, as there is a large number of Zambian Indians located in the town...
- Chinsali Branch - ChinsaliChinsaliChinsali is a town in the Northern Province of Zambia, and is headquarters of Chinsali District. It lies 15 km west of the Great North Road and about 180 km north-north-east of Mpika...
- Chirundu Branch - ChirunduChirunduChirundu may refer to:* Chirundu, Zambia, town on the northwest bank of the Zambezi river* Chirundu, Zimbabwe, village on the southeast bank of the Zambezi river* Chirundu Bridge, connecting Chirundu, Zambia with Chirundu, Zimbabwe...
- Chingola Branch - ChingolaChingolaChingola is a city in Zambia's Copperbelt Province, the country's copper-mining region, with a population of 157,340 . It is the home of Nchanga Copper Mine, a deep-shaft high-grade content copper mining operation, which subsequently led to the development of two open pit operations, Chingola...
- Choma Branch - ChomaChomaChoma is a market town in the Southern Province of Zambia, lying on the main road and railway from Lusaka to Livingstone. It is home to a small museum dedicated to the cultural heritage of the Tonga people of southern Zambia. The population of Choma is said to be about 40,000 people and it...
- Chongwe Branch - Chongwe
- Isoka Branch - IsokaIsokaIsoka is a town located in the Northern Province of Zambia near the borders with Tanzania and Malawi. The district is populated mainly by Winamwanga, but the Wiwa, the Mambwe, the Nyika and the Tumbuka are also found here....
- Kabompo Branch - KabompoKabompoKabompo is a town in north-western of Zambia, lying on the Kabompo River with a population over 88,000 people and the M8 road. It is surrounded by teak forest and is home to a Roman Catholic mission....
- Kabwe Branch - KabweKabweKabwe is the capital of the Zambian Central Province with a population estimated at 210,000. Formerly named Broken Hill, it was founded when the Broken Hill lead and zinc deposits were discovered in 1902. Kabwe also has a claim to being the birthplace of Zambian politics...
- Kalomo Branch - Kwame Nkrumah Road, KalomoKalomoKalomo is a town in southern Zambia, lying north east of Livingstone, on the main road and railway line to Lusaka. It is home to the Batonga people. It was the first administrative centre of Northern Rhodesia, serving until the capital city was established at Livingstone in 1911...
- Kaoma Branch - Freedom Way, Kaoma, ZambiaKaoma, ZambiaKaoma is a town in Zambia. It is the headquarters of Kaoma District in the Western Province.-Location:Kaoma is located approximately , by road, west of Lusaka, the capital of Zambia and its largest city. At Kaoma, the Great West Road , meets the Kaoma-Kasempa Road . This location lies west of Kafue...
- Kasama Branch - Workmen’s Compensation House, KasamaKasama, ZambiaKasama is the capital of the Northern Province of Zambia, situated on the central-southern African plateau at an elevation of about 1400 m. Its population, according to the 2000 census, is approximately 200,000. It grew considerably in the 1970s and 1980s after construction of the TAZARA Railway...
- Kasumbalesa Branch - Congo Road, KasumbalesaKasumbalesaKasumbalesa or sometimes Kasile is a border town in the province of Katanga in the Democratic Republic of the Congo about 96 km south-south-west of Lubumbashi. It is located at the border with Zambia, and is connected by road and railway with Lubumbashi....
- Chililabombwe Branch - ChililabombweChililabombweChililabombwe is a city located in Zambia's Copperbelt Province. The name means 'place of the croaking frog'.The main economic activity is the mining of copper....
- Katete Branch - KateteKateteKatete is a small town in the Eastern Province of Zambia, and is headquarters of Katete District. The town is at the foot of rocky hills which lie to its east, including Mpangwe Hill and Kangarema Hill, which rise to 1600 m and are surrounded by cultivated fields...
- Kitwe Branch - Mukuba Pension House, Obote Avenue, KitweKitweKitwe is the second largest city in terms of size and population in Zambia. With a population of 547,700 Kitwe is one of the most developed commercial and industrial areas in the nation, alongside Ndola and Lusaka...
- Livingstone Branch - LivingstoneLivingstone, ZambiaLivingstone or Maramba is a historic colonial city and present capital of the Southern Province of Zambia, a tourism centre for the Victoria Falls lying north of the Zambezi River, and a border town with road and rail connections to Zimbabwe on the other side of the Falls...
- Lusaka Airport Branch - Lusaka International AirportLusaka International AirportKenneth Kaunda International Airport is an international airport in Lusaka, Zambia, and was the hub of Zambian Airways. Formerly Lusaka International Airport, now called Kenneth Kaunda International Airport. The airport was renamed in honour of the first president of the Republic of Zambia Dr...
- Lusaka Arcades Branch - Lusaka Arcades, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Lusaka Downtown Branch - Downtown Shopping Complex, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Lusaka Kamwala Branch - Kamwala, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Lusaka Longacres Branch - Longacres Shopping Center, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Lusaka Industrial Branch - Lusaka Industrial Area, Lumumba Road, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- University of Zambia Branch - Great East Road Campus, University of ZambiaUniversity of ZambiaThe University of Zambia is Zambia's largest university, founded in 1966. It has a student population of about 10,000.-Academics:The University of Zambia is divided into the following faculties:*School of Agricultural Sciences *School of Engineering...
, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head... - Lusaka Mulungushi Branch - Great East Road, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Luanshya Branch - Butungwa Avenue, LuanshyaLuanshyaLuanshya is a town in Zambia, in the Copperbelt Province near Ndola. It has a population of 117,579 .Luanshya was founded in the early part of the 20th century after a prospector/explorer, William Collier, shot and killed a Roan Antelope on the banks of the Luanshya River, discovering a copper...
- Mbala Branch - MbalaMbalaMbala is Zambia’s most northerly large town and seat of Mbala District, occupying a strategic location close to the border with Tanzania and controlling the southern approaches to Lake Tanganyika, 40 km by road to the north-east, where the port of Mpulungu is located. It had a population of about...
- Monze Branch - MonzeMonzeMonze is a small town in the Southern Province of Zambia and is about 180 km south-west of Lusaka. It is the administrative centre of Monze District....
- Mpika Branch - MpikaMpikaMpika is a town in the Northern Province of Zambia, lying at the junction of the Great North Road to Kasama and Mbala and the Tanzam Highway to Dar es Salaam, Tanzania. It also has a railway station on the TAZARA Railway about 5 km away. Mpika is situated between the Muchinga Escarpment to...
- Mpulungu Branch - MpulunguMpulunguMpulungu is a town in the Northern Province of Zambia, at the southern tip of Lake Tanganyika.From Mpulungu, boats reach DR Congo, Tanzania and Burundi...
- Mufulira Branch - Accra Road, MufuliraMufuliraMufulira is a town in the Copperbelt Province of Zambia. It grew up in the 1930s around the site of the Mufulira Copper Mine on its north-western edge...
- Mwinilunga Branch - MwinilungaMwinilungaMwinilunga is a town in the North-Western Province of Zambia and headquarters of a district of that name. It lies on the West Lunga River, not far from the borders with the Democratic Republic of the Congo and Angola.- Overview :...
- Nakonde Branch - Nakonde
- Ndola Branch - Finance House, President Avenue, NdolaNdolaNdola is the third largest city in Zambia, with a population of 495,000 . It is the industrial, commercial, on the Copperbelt, Zambia's copper-mining region, and capital of Copperbelt Province. It is also the commercial capital city of Zambia and has one of the three international airports, others...
- Samfya Branch - SamfyaSamfyaSamfya is a town located in the Zambian province of Luapula. It is the center of Samfya District. The town is located on the south-western shore of Lake Bangweulu, on the longest stretch of well-defined shore of that lake...
- Serenje Branch - SerenjeSerenjeSerenje is a district in Zambia. There is also the town of Serenje lying just off the Great North Road and TAZARA Railway. The British, during the time that Northern Rhodesia was a British protectorate, designated Serenje as a BOMA . To this day, the locals refer to Serenje Town as the BOMA....
- Sesheke Branch - SeshekeSeshekeSesheke is a border town in the Western Province of Zambia, and a district of the same name. It lies on the northern bank of the Zambezi River which forms the border with Namibia's Caprivi Strip at that point....
- Solwezi Branch - Independence Avenue, SolweziSolweziSolwezi is the capital of the North Western Province of Zambia. Solwezi has approximately 65,000 inhabitants at an elevation of 1235 m above sea level...
Seizure by Central Bank
On 10 December 2010, the Bank of ZambiaBank of Zambia
The Bank of Zambia is the central bank of Zambia. According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in Lusaka....
, 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
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
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 miniters, President Michael SataMichael Sata
Michael Chilufya Sata is a Zambian politician who has been the fifth President of Zambia since 23 September 2011. He leads the Patriotic Front , a major political party in Zambia. Under President Frederick Chiluba, Sata was a minister during the 1990s as part of the Movement for Multiparty...
reversed the sale of Finance Bank Zambia (FBZ) to First Rand National Bank (FNB) and ordered that the bank be returned to the original owners.