Zambia Industrial Commercial Bank Limited (ZICB) has entered into a Purchase and Assumption (P&A) Transaction with the Bank of Zambia (BOZ) as part of the resolution of Investrust Bank Plc.
And customers who had outstanding deposit balances at Investrust Bank Plc will have new accounts opened and be able to access banking services as new customers of ZICB.
Speaking after the announcement of the P&A Transaction in Lusaka, ZICB Acting Chief Executive Officer, Louis Kabula said the Bank is pleased to have concluded the transaction with the Central Bank in record time.
Dr Kabula said this will reduce the challenges especially on the part of customers who are able to continue their lives under ZICB, with as little disturbance in banking needs as possible.
Dr Kabula advised that, while the new customers are free to start engaging with ZICB, they allow the bank to put in place operational processes in readiness for the opening of the branch locations on 15th July 2024.
He indicated that before that date, the bank will share as much information as possible with the customers to ensure a smooth transition process.
“We are thrilled that we have been able to create a new home for them at ZICB and we want to assure them of our dedication to a high standard of service delivery”, Dr Kabula said.
Further, Dr Kabula commended the government, through the Bank of Zambia, for providing funding support to primarily safeguard financial system stability and protect banking sector depositors.
ZICB is now in possession of 16 branch locations of Investrust Bank Plc, which include seven branches and agencies in Lusaka, an agency in Lumwana, as well as branches in Livingstone, Choma, Luangwa, Chipata, Kabwe, Ndola, Kitwe, and Chililabombwe.
With its existing six locations, plus a new branch to be opened in Solwezi before the end of July 2024, ZICB will now be operating a total of 23 branch and agency locations across the country after this transaction.
These banking thieves should be investigated for inside dealing. This transaction does not mention anything on the investrust employees who lost their jobs and benefits. The government should step in to ensure the employees are either retained or payed their redundancy packages. Why do we always tolerate organisations which expl0it our people? Banks and phone companies should be heavily regulated in Zambia because they are stealing from poor people. You force people to use mobile banking services but then pile on the service charges for poor service delivery. Icona man.