Intermarket bank will never go under again – Mutati

Finance Minister Felix Mutati says the Bank of Zambia will next week on Monday,9^th October handover back to the new shareholders Intermarket Banking Corporation Zambia Limited which will operate under the name Zambia Industrial Commercial Bank Limited in readiness for the commencement of operations.

Mr Mutati has told Parliament in a ministerial statement that some of the new shareholders include the National Pension Scheme Authority (NAPSA),Madison, Industrial Development Corporation (IDC) and Credit Reference Bureau among others.

He says all the requirement to open the bank, including capital requirements have been fulfilled.

Mr Mutati says shareholders agreement for the restructured bank has also been concluded, and that management is also in place.

He adds that the new bank will take over the assets and deposits of Intermarket banking corporation Zambia Limited in possession.

Mr Mutati has further stated that the new bank will never go under based on the measures that have been put in place.