Intermarket Bank to reopen

Finance Minister Felix Mutati

Finance Minister Felix Mutati says Intermarket Banking Corporation Limited which was possessed by the Bank of Zambia on 28^th November,2016 after it became insolvent will soon reopen following the injection of fresh capital.

Mr Mutati has told Parliament in a ministerial statement that Bank of Zambia will announce the composition of new stakeholders within 30 days which will be followed by the putting in place of a new management.

He says the bank’s shareholding has been restructured which will see the current shareholders becoming a minority.

He adds that fresh capital has also been injected in the bank to ensure that the bank is no longer insolvent.

Mr Mutati says the bank is currently in surplus in terms of cash.

He adds that the bank will remain solvent even in the event that people who have their money in the bank decide to withdraw their money once the bank reopens.

Mr Mutati has however, encouraged the bank’s customers to continue depositing with the bank once it is reopened.