The central bank has indicated that it will in the next ninety days state the way forward with regards the operations of finance bank Zambia limited.
Director bank supervision at the bank of Zambia mr lameck zimba says only after 90 days will central bank tell the nation the fete of the bank.
He explains that under its supervisory role, the central bank is mandated obliged to take such action especially to safeguard the interests of the public.
Mr zimba explains that the central bank does not want the bank to fail; even to shut down as it has dare consequences on the economy.
And mr zimba has explained that poor management and none adherence to corporate governance is what necessitated the central bank to take over the bank.
He revealed from the investigation that the central bank conducted, shareholders were found wanting as it can to light that they were giving each other loans from the depositors monies.
And acting assistant director bank supervision mbinga kafunya has assured all the clients at the bank that the bank will not close despite some assertions from certain quarters of the media.
Mr kafunya further explained that the selection of first rand bank to run finance bank Zambia limited was made after massive consultation from all stakeholders including the government.
The duo were speaking on a Zambia national broadcasting corporation open line programme today.
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