Zambia’s finance bank Limited, one of the major lenders in the nation may soon be ready for sale to other potential bidders after the country’s central bank finalized evaluations and restructuring after it was closed for business in December last year.
Central Bank spokesperson Mr Kanguya Mayondi said that there are plans to sell Finance Bank Zambia Limited in due course which was seized by the Lusaka based Bank of Zambia last year and currently managed by First Rand Mechant Bank of South Africa.
He said that the bank is solvent despite some short comings. The intention follows the finalization of preparation of the statement of affairs of the assets and liabilities of FBZL as required by law.
Central Bank spokesperson Mr Kanguya Mayondi said that there are plans to sell Finance Bank Zambia Limited in due course which was seized by the Lusaka based Bank of Zambia last year and currently managed by First Rand Mechant Bank of South Africa.
He said that the bank is solvent despite some short comings. The intention follows the finalization of preparation of the statement of affairs of the assets and liabilities of FBZL as required by law.
The statement of affairs of the assets and liabilities showed Finance Bank to be solvent noting that there are some shortcomings.
The bank intends to restructure FBZL in terms of section 84B (a) (i) of the Act and the restructuring would entail a purchase and assumption transaction, and that the legal rights of the depositors and creditors would be honoured.
A hearing of interested parties concerning this matter would be held on March 9th 2011 at which the central Bank has invited interested parties to participate in the hearing by either an oral submission at the hearing submitting comments in writing online at fbzlrestructuring@boz.zm which should be deposited at the nearest Finance Bank Zambia Limited branch or further still depositing written comments.
All interested parties who intend to provide oral submissions are requested to notify the bank in writing by no later that March 4th 2011 of their intention to attend the hearing.
Finance Bank Limited was taken over by the Central Bank, as a regulator on December 10 last year for what was said to be breaches in the financial regulations after which the government appointed First Rand Merchant Bank of South Africa to manage it for 90 days.
The lender has in excess of 1,000 employees dotted in more than 30 branches in the country.
Its chairman, Mr Rajan Mathani is in court on charges of allegedly transferring company shares and falsifying documents, contrary to the country’s money laundering Act of 2004.The bank intends to restructure FBZL in terms of section 84B (a) (i) of the Act and the restructuring would entail a purchase and assumption transaction, and that the legal rights of the depositors and creditors would be honoured.
A hearing of interested parties concerning this matter would be held on March 9th 2011 at which the central Bank has invited interested parties to participate in the hearing by either an oral submission at the hearing submitting comments in writing online at fbzlrestructuring@boz.zm which should be deposited at the nearest Finance Bank Zambia Limited branch or further still depositing written comments.
All interested parties who intend to provide oral submissions are requested to notify the bank in writing by no later that March 4th 2011 of their intention to attend the hearing.
Finance Bank Limited was taken over by the Central Bank, as a regulator on December 10 last year for what was said to be breaches in the financial regulations after which the government appointed First Rand Merchant Bank of South Africa to manage it for 90 days.
The lender has in excess of 1,000 employees dotted in more than 30 branches in the country.
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