THE Bank of Zambia has allayed public concerns and anxieties over the mechanism for the migration of employees from Finance Bank Zambia Limited (FBZL) to First National Bank Zambia Limited (FNB Zambia).
The central bank assured members of staff of FBZL and the general public that the matter is being addressed in the best interests of the commercial bank’s employees.
This is contained in a statement issued by the public relations department of BoZ on September 19.
“BoZ would like to confirm that it is liaising with the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW), FNB Zambia Limited and labour regulatory authorities with regard to further clarifying the mechanism for staff migration from FBZL to FNB Zambia limited,” the statement read.
BoZ announced on September 12 that selected assets and liabilities in Finance Bank Zambia Limited had been sold to FNB Zambia Limited (FNBZ) at a net cost of K27 billion .
FNB’s total assets and equity amounted to US$105.6 billion and US$8.8 billion as at December 31, 2010, and was rated third in Africa’s top 100 banks by the African Business Magazine.
FNBZ’s ultimate parent is FirstRand Limited (FSR) of South Africa, a financial services company listed on the Johannesburg Stock Exchange.
[Zambia DAily Mail]
Mwashitisha bank which you did not even start. strange why all dealings concerning selling assets in zambia are so fast that no one is allowed to question. sad to say that a lot of families will suffer the same way zambia airways employees suffered. just give it back to the owner.
No 1 do you know why the bank was taken away and sold? You comments makes no sense
Am sure u were not born during the time of Meridian Bank. If u were u do not know what u talking about
Why rush this while we’re focusing on the election? Let’s be fair gents.
It is really stupid & pointless to address such an important issue after the event, when what makes the bank tick are people, who seem to have been an after thought – just shows the level of thinking of the persons involved in this shambolic transaction!!
THE SALE WILL BE RE-VERSED, SO SAYS ZAMBIANS TODAY.THE MESSAGE HAS ALREADY BEEN PASSED THRU THE BARROT
surely how can u resign without seeing any agreements signed btwn the union and fnb.and how about the benefits is FBZ going to the workers or it’s fnb.Plse open the peoples mind coz we’re not seeing any future btwn the negiotations going on of boz en fnb.surely someone has worked for 20 yrs going without benefits.am not seeing any future in zambia.poor are becoming poorer en the other.we need change.are u saying there are no zambians who have more this amount in there bank a/c just HH
Looks like the BOZ did not do a good job on the “migration” of Finance Bank workers. The wording of the sale which mentions “certain liabilities” raises questions whether the liabilities which the new owners will take over include the workers’ benefits.Has Fundanga lost it or there is a hidden force pushing for the sale to be concluded regardless?
The Bank of Zambia is our own Institution that was set up by law and is mandaded to supervise financial institutions in zambia. They aslo have rules and guidelines to follow as they conduct their business. If the rules are not being followed, the BOZ has legal mandate to discipline any of the financial institutions answerable to it, just like Mr Sata suspended all the MPs who did not toll the line on the issue of NCC. the move by the BOZ was timely before people loose their money like what happened with Meridian bank. The same people who are oppositing the action of BOZ today are the same people who would be first to condemn BOZ if FBZ collapsed as a result of irregular financial dealings at the Bank. We need to tackle issues and not politicise everything.
Well spoken no. 8.
how can you sale something which you do not own to start with? typical kaponya mentality no wonder abuse of office act was scrapped to protect the powers that be at BOZ
It is a good if Finance Bank was sold in the interests of the country.However tender procedures need to be followed. It is very clear that First Rand had an unfair advantage in the FBZ transaction because they were administering finance Bank during BOZ take over period.I wonder what could have happened if HH had bought Luanshya mine which he was administering on behalf of GRZ.
Kelvi, it is obvious that you know nothing about what you are speaking about. FBZ was literally worth 30 to 40 times the 5 million USD joke of a sale price. That is a fact and anyone in the banking industry will attest to that.
FBZ shareholders had inspections for over 20 years and were never told by BOZ to address any issues. BOZ is yet another reach of Plot 1 for political and selfish reasons. Not for the interest of Zambians.
Peace loving Zambians, wake up!
13 @ other factors include fnb holding on the 1000 employees of finance bank ,fnb also took some of the liabilities + 6 other banks tender to buy the bank fnb came tops …….. finance bank is of course worth more than 5 million bt due to the fact that it was about to file for bankruptcy
No 14 you are very correct. In the past BOZ just used to close down these banks and now they have tried to save the bank and make sure that new owners are able to take on the employees who would now be unemployed. This bank was about to file for bankruptcy these are just plain facts and there is more on this FBZ if only people would not politicise it and see the reality of what mr rajan mahtani was actually doing.