Fri, 27 Oct 2017 12:42:41 +0000
By Buumba Chimbulu
INDO Zambia Bank (IZB) has been rated one of the most financially stable institution in the banking sector by the Credit Rating Agency Limited (CRA).
CRA, which is the only legal credit rating agency in Zambia, has rated IZB AA, a category next to AAA which means the institution is flawless.
According to CRA Zambia chairperson, Wilson Kalumba, IZB had emerged as one of the most stable banks in Zambia, outperforming other institutions.
Mr. Kalumba, who is also the Lusaka Mayor, said the AA rating reflected a good and stable financial bank.
“I am urging banks to exercise high levels of transparency by engaging third parties. Account holders should be concerned with credit ratings for banks. We do not know what ratings some banks are,” Mr Kalumba said.
Speaking when he handed over the rating certificate to IZB in Lusaka yesterday, Mr. Kalumba also said regulators must see credit ratings as a complimentary in ensuring a safe and financial environment.
And IBZ managing director, Maheshkumar Bansal, said the bank was solid which commanded strong financial fundamentals with high net worth, high capital adequacy ratio among others.
Mr. Bansal said with its formidable capital base in excess of K736 million, the bank was well equipped to offer international class corporate banking products and services.
“The bank will continue to play an active role in the economy by supporting the growth and development of commerce and industry. We shall focus on stimulating growth of the Small and Medium Enterprises and will continue to allocate substantial resources to our micro lending schemes in our quest to supplement Government efforts in promoting inclusive economic empowerment,” he said.
Mr. Bansal had since complimented Government for maintaining conducive macro-economic conditions, which had been a critical ingredient in the growth and development of the Bank.
He said IZB would continue to collaborate with Government in in implementing initiatives of national significance while fully supporting economic policies and programmes pursues by Government.
