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GLOBAL FIRM MOOTS EXPANSION IN ZAMBIA’S BANKING SECTOR

By BUUMBA CHIMBULU

ZAMBIA’S banking industry has tremendous potential, says the Bank of Nevis International Limited (BONI), as it looks for a partnership with another shareholder after investing in Investrust Bank plc.

Innovative fintech technologies and strategies will be needed to provide stability and reassurance in the years to come for Zambia and other African countries, says BONI Chief Executive Officer, Michael Prest.

Mr Prest observed need for financial services to be of the highest calibre to satisfy client and customer needs.

“Zambia’s banking industry has tremendous potential. We believe that African companies have the ability and knowledge to improve the industry’s reputation, reach and resilience.

“With this in mind, innovative fintech technologies and strategies will be needed to provide stability and reassurance in the years to come,” he said in a response to a press query.

On plans to acquire more shares in Investrust Bank plc, Mr Prest said BONI was looking for a partnership with another shareholder.

BONI recently acquired a 24.08 percent stake in Zambia’s Investrust Bank Plc, making it the second largest shareholder after ZCCM Investments Holdings Plc.

“We are pleased to have concluded our first international acquisition with Investrust and look forward to working with IDC, which is set to be the majority shareholder in Investrust Bank, on the bank’s revitalised approach to financial services in Zambia,” Mr Prest said.

BONI, he said, saw Investrust as playing a pivotal role in Zambia’s post Covid-19 success.

“Our depth of experience in commodities and a two-decade track record in providing holistic wealth and portfolio management services, we feel that the breadth of skills and expertise that we can bring will compliment Investrust in its pursuit of revitalising the industry,” Mr Prest said.

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