Government does not regret selling 49 percent shares in Zambia National Commercial Bank (ZANACO) to Rabobank.
The benefit of selling the shares has seen improved delivery of service that the bank offers.
According to Finance minister Situmbeko Musokotwane, some of the benefits include the access of the bank’s services in rural areas.
This is contrary to long gone experiences were civil servants trekked distances to the nearest ZANACO branch.
The bank has opened a new Branch at Government complex.
Managing Director Martyn Schouten observes that the opening of the new branch reaffirms the banks commitment of taking banking services closer to the people.
The Bank also intends to open four more branches across the country bringing the total number of branches to 61 countrywide.
If it improves the services yes sell it
Why dont they sell 100% of it, Whites normally look after service organisations better than fellow zambians. It brings the building a more continental look to it, privatise them all please
Thanks
Why not sell ZNBC instead, because ZANACO has not offered any serious financing to Zambian business people for donkey ages. The problem with ZANACO and all other institutions such as DBZ and ZBS is that they were managed by cadres and not real professional managers.
What is there to regret? The company is operating efficiently and is paying taxes so why regret. This was the best decision govt made concerning the Bank. It is now one of the best banks in Zambia and is operating very profitably and efficiently. Further evidence that capitalism tramps socialism in every sense and further evidence that the private sector can contribute greatly to economic growth. There is nothing to regret.
ZANACO was always a stronger bank. the base was well established thanx to KK. how i wish govt would say the same with NCZ,Luanshya mine, etc
zanaco operates efficiently? where do you people live? This bank works like some 18th century bank,it makes profits because of gvt backing
Zanaco being efficient? Where in zambia are they efficient? Long queues at ATMs all over! Most of the time they don’t work. Zanaco staff work like Govt civil servants. Service culture is very very very poor! I prefer international banks for that reason.
Mushota you are a pest! Keep that C__T locked! What has “white” got to do with being the owners of a bank? Which services are in your wee mind?
Most Zambians are so brain washed by poor exposure to systems that all things black are bad and must be sold. Wake up you disguised slaves, you must start running things efficiently on your own to develop Zambia. Forget that ZANACO is owned or run by whites. They are just making sure that you continue to be brain washed that blacks cannot run anything. This case is not helped by having failures in government at all levels. People in our government cannot tell what is right or wrong when it comes to public behaviour while in office. They want to run public offices as if they are private holder to office saga. Sadly, our prez is such a flop that it is embarrassing to see him grovel with his knees bent for foreigner to come and take charge.
Ba Bruce its a plain simple fact, whites are way ahead of us and more organised, and no matter how much we try and argue they keep going on and advancing.Look at what happened to the mines, we as blacks totally failed and the nation was going under.. Just caompare all the institutions that are headed by whites to the ones headed by blacks, hard as it may be, we just have to accept REALITY
#4 i find it difficult to help you. the easiest thing you can do is just talk to anyone who worked for zanaco to stand some basics. and you praise of KK over what?
#8 its a fact that gov owned entities under perform which ever part of the world you can look at. but privately owned entities generally perform at the maximum efficiency whether it run by white or blacks. lastly if you were as exposed as you want us to believe, you would know that even US president, UK PM, European leader are on their knees bugging foreigners to go and invest in their countries. which 2 presidents do you know who are not on their knees?
#9, the cause is that we do not employ best Zambians at all. If all of went to follow your point of view, we would NOT have been in business where we are. Just because some of you have failed such as RB, Chiluba etc does not mean that all black Zambians are failures. It is you guys who are incompetent and yet hang to jobs you know you cannot perform.
Who is talking about ZANACO? Who cares if government has regrets or not about ZANACO. The bank was sold, that’s it. Why do they keep coming back with nonsensical public relations trash. They decided to give the bank to foreigners. Why are they still coming back to break wind in our faces. It stinks if you continue justifying a deal that was resisted by people…
#9 JK you are another lost character. that is not the way you compare thing. compare a black gov owned mine to white gov owned mine. not a black gov owned mine to a white PRIVATELY owned mine.
we do have competent blacks,but collectively,we suck,leadership is not there to maximize the potential of the talented blacks who can run things as efficient as whites…our leaders would rather have someone who would kiss their ass,their relative,their tribesmen,and shitty people without qualifications but are connected to them….I wish I could say something personal about the above mentioned bank,but I can get in trouble….what a shame
#9 you are the chaps who thing when politicians go to SA for treatment you think they go to state owned hospital. then you conclude that you want UTH to be equipped like those hospital. a total impossibility. you should compare UTH with an equivalent in SA and not private hospital.
global citizen how about a government hospital in china? you got to emulate good things from others,not just everything
ZANACO is the best bank in Zambia and it maintained its strength after privatisation, i live in diaspora i get my ka money on ATM my friends with other Zambian banks like STANCHART, FINANCE,BARCLAYS problems with their cards, cant withdraw from overseas VIVA ZANACO, LET these bazungu’s take all other banks finaly BOZ
#17 ba zedman ubufontini muleke! anyone with those visa electron cards can withdraw money from any atm in the world.i travelled to china a few months ago with my barclays & tsanchart visa electron cards and was able to withdraw cash there even in rural china.there’re those other atm cards finance bank issues which are not visa electron,those u cant withdraw money anywhere apart from finance atms even in zambia itself so it’s not about zanaco’s strength.if anything those visa electron cards are not managed by zanaco or any of those banks u know in zambia but by a seperate company.
7 MB, ” Mushota you are a pest! ”
I completely agree, and I am also sick of her trolling behaviour. I tried to hit the complaint button, but it does not work.
Global Citizaen/Global Citizen/HH Sata/etc.
I’m not here to answer ’20 questions’. However, you are free to start adding references to your claims.
#16 bibo4shizo i can assure you about one thing and that is the situation is the same as there is nothing special about china. this is by extraporation not that i have been to china.but you know china is like venezula, cuba, nouth korea
#20 ignorant chap! china is not the same as north korea,cuba,venezuela.ask dambisa moyo or the other respected world economists and they will teach u if u are teacheable!
What business does a government have in running a bank? The govt did well to sell ZANACO so that it concentrates on policy matters and creating a good investment climate. Whether the bank is run by muzungus or muntus should not really matter. what matters is how ethical and professional the managers are. we must remember that the world over most banks that have fallen on hard times and gone under are in the developed world and run by muzungus. We’ve had our own failed banks but have really found out where these banks were wholly owned by black people. For sure Sardanis in not black, is he? (Meridien BIAO)) Yet again there was Kavindele and his Union Bank. Who can tell!? Personally I have no case against ZANACO after a 15 year relationship, can’t speak for other banks. Never used them.
#21 let me the difference
@23 i meant tell me the difference #21 boomalanga bobobo
#2 Mwiya Bruce Good thinking. ZNBCis now being run by pseudo cadres. You have to toe the ruling party’s line before being appointed so what does that make you? And I am very sure that when the PF wins the elections this year it will be the same. Humans and Zambians in particular have a petty line of thought in which we abandon the values we fought for so that we can take revenge on whoever we have conquered.
JK #9 Keep your inferiority complexes to yourself. Some of us are trying to bring up kids who will be progressive for the black race. We dont want them to read such mental colonising trash!
26 Kamba Timvere,
I completely agree. It is time for a moderator to step in, before the LT goes the way of ZOL.
Also, the “Complain about this comment” gadget doesn’t work.
Where is the LT webmaster?
#25 i agree with you. that is the same fate for all the parastatals under 4 different president and it will surely be the same under either HH or Sata. the solution is for gov to completely give up control as they have done with zamtel, zanaco. they should also do the same for NCZ. afterall all these parastatals are enjoying monthly funding from taxes payers.
#24 china is now the 2nd largest economy in the world. does that mean anything 2u or do u have a slight understanding of how national economies are measured on the global scale? do u know how the us govt reacted when china threatened to withdraw all its(china) money being currently held in the us govt bonds? i guess u don’t follow such news threads so i’ll tell u what the us govt said: “no! if u (china) do that,that will be an act of war!” if this is still hard 4u 2 understand then 4get this topic and concentrate on issues that u can assimilate easily.
Crazy govt,everything is backwards.how can a simple check take one month to mature?We r still not independent!
I cant imagine people supportinng this sale!Ask yourselves who benefits from this sale.Where does the money raised from the sale go?This gvt hates own people and hates the country thats why they are making huge transactions which dont benefit anyone except themselves.There is no mention of the cost of the sale yet we seem to be happy about it.Who is Robobank?Whose interets does Robobank serve?
Disgusting
ZANACO was a stable bank and the gvt should have maintained some kind of responsibility for the bank.All thse sales are irresponsibly done.Selling everything is just running away from responsibility and are ways of stealing public funds.Thats why why today we are the only country without a national airline.Selling everything is never a solution but its being iiresponsible.Its the only country with such a stupid attitude
what is the plight of the workers.even ZACTU is dead
#30 china the 2nd largest economy but still simillar to cuba, n korea and other few sociolist economy. the simillarity lies in the way the politics and the economy run. for example all these countries i mentioned have a gov centred economy where gov is rich but people are not. now in china over 40% of the population still live below US$2 per day. italy is about the 10th biggest economy but you will not find such a discrepancy. their economic boom is not based on simply good economic policies but a huge internal market.
so i dont want zambia to be like china. this is one country where dispite the money their is very little innovations simply because its not upto people but gov. where an economy is people driven there is innovation, automatic quality improvement in goods and services.
35 cont
i not by mistake that chinese investor by to little they generally follow their country’s stands. well socialists are like that. they control everything and subject nothing to market forces.
As an Educated Zambian all i can do is shake my head we are fools. Wake up you people we can achieved great things we just have to stop being corrupt
All we need is a leader that can inspire the people to work.
Whites are just as stupid as us but they don’t steal at any given opportunity
Zambians will steal even from their mother. Our problem is psychological not intellectual
:o