Zambia National Commercial Bank
Encyclopedia
Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank
in Zambia
.
, a banking company from the Netherlands
. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange
. The current shareholding in the bank is detailed in the section below. According to the Bank of Zambia
, Zanaco was the most profitable commercial bank in Zambia during the first six (6) months of 2009.
is owned by the following corporate entities and individuals:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Zanaco Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Rabobank
||46
|-
|2||Government of Zambia||25
|-
|3||Others||29
|-
|}
, Zambia's capital and largest city. , the bank has fifty-seven (57) fully functional branches, spread across the entire country. In addition, Zanaco has partnered with the Zambian Post-office known as Zampost
to allow Zanaco customers to deposit and withdraw funds from their accounts at Zampost outlets which total about one hundred (100), distributed all over Zambia, in both rural and urban locales.
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....
.
Overview
Zanaco is a large financial services provider in Zambia. , the bank's total assets exceeded US$633 million, with shareholders' equity of approximately US$82 millions, according to the bank's 2009 audited financial statement.History
Zanaco was founded in 1969 by the Government of Zambia. Prior to 2007, the bank was 100% owned by the government. In that year, 49% of its shares were sold to the Rabobank GroupRabobank
Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...
, a banking company from the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange
Lusaka Stock Exchange
The Lusaka Stock Exchange is the principal stock exchange of Zambia. Founded in 1993, it is located in Lusaka. The LuSE is a member of the African Stock Exchanges Association.Background...
. The current shareholding in the bank is detailed in the section below. According to the Bank of Zambia
Bank 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....
, Zanaco was the most profitable commercial bank in Zambia during the first six (6) months of 2009.
Ownership
As of October 2009, the bank's stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
is owned by the following corporate entities and individuals:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Zanaco Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Rabobank
Rabobank
Rabobank is a financial services provider with offices worldwide. Their main location is in the Netherlands. They are a global leader in Food and Agri financing and in sustainability-oriented banking...
||46
|-
|2||Government of Zambia||25
|-
|3||Others||29
|-
|}
- Others include: (a) Zanaco Employees Stock Ownership Program (b) Zambia National Farmers Union (ZNFU) (c) Other Zambian Pension Schemes and (d) Individual Investors.
Branch Network
Zanaco's main branch is located at the bank's headquarters in LusakaLusaka
Lusaka 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...
, Zambia's capital and largest city. , the bank has fifty-seven (57) fully functional branches, spread across the entire country. In addition, Zanaco has partnered with the Zambian Post-office known as Zampost
ZamPost
ZamPost is the company responsible for postal service in Zambia....
to allow Zanaco customers to deposit and withdraw funds from their accounts at Zampost outlets which total about one hundred (100), distributed all over Zambia, in both rural and urban locales.