Intermarket Bank to re-open

Tue, 28 Feb 2017 10:54:41 +0000

By NATION REPORTER

The Bank of Zambia has announced that as a result of the financial commitments from the shareholders and new equity partner, the Statement  of  Affairs  of  the  Assets  and  Liabilities  shows  that Intermarket Banking Corporation Zambia Limited (IBC)  is  now  solvent.

The  Bank  has therefore decided to restructure IBC .

This means that the bank may soon be opened for operations.

The Bank of Zambia has however said depositors, creditors and the general public will, be advised on the further steps to be taken by the Bank in the process of effecting the restructuring of IBC in line with the relevant provisions of the BFSA.

The bank further explained that following the possession of Intermarket Banking Corporation Zambia Limited (IBC) on 28 November 2016, the Bank of Zambia (the Bank) had prepared a Statement of Affairs of the Assets and Liabilities of IBC within the stipulated 90 days of taking possession in line with the provisions of Section 848 of the Banking and Financial Services Act (BFSA), Chapter 387 of the Laws of Zambia.

‘’While IBC was indeed insolvent at the time of possession, the Bank received a proposal from the shareholders to restructure IBC so as to restore its solvency and operations. The Bank reviewed the restructuring proposal and business plan as submitted by the shareholders and concluded that it provides a viable basis for the successful restructuring of IBC,’’ the statement said.