Investrust Bank has called on government to devise an effective mechanism that would increase ownership of local banking and financial institutions and protect them from been sold to foreign banking institutions.
Bank Managing Director Friday Ndhlovu said there was need for government to put in place extra remedial measures that would encourage ownership of local banking and financial institutions with a view to protecting the sector from collapsing.
Mr. Ndhovu said this at the signing ceremony of the collective agreement between Investrust Bank and unionised workers in Lusaka today.
He observed that local banking and financial institutions were failing to thrive and compete favourably with other international institutions because of weak ownership measures existing in the country.
Mr. Ndhlovu also announced that all the outstanding items in this year’s corrective agreement have been concluded, adding that almost all of the unionised workers’ demands were met and resolved by management.
He has since called on the unionised workers to give management the maximum support needed towards the implementation of the new exercise.
And Zambia Union Financial Institutions and Allied Workers (ZUFIAW) Secretary General Joyce Nonde commended Investrust Bank management for resolving salary problems of unionised workers.