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.
ZANIS/TK/KSH/ENDS
Yes let’s keep our banks please
True! No Privatisation!
Yep!
Yaba, yakakana nomba.
ok its true wat next
Hope this will work out…
It will be the first……. :-?:-?:-w
Am 100 percent for the idea of protecting our local banks.
Matworld,Nine chale.
mulishani mwelupwa.
Friday Ndhlovu,
Remedial measures starts with you…Government does not have to do everything for you..
just one foot/step forward.. #:-s**==**==**==[-x[-x
Dr s musokotwane, show us you’re different from ms dora siliya whose been laughing at zambian airways’ collapse.
Thats good news. but your govt does not listen
Kambongolo
Hi broker!
Gratuliere Sony Ericsson!
I don’t know of any stable bank at the momment. When the world economy tumbles, all the currencies and hence all banks will be shaken. Right now, only gold & oil reserves are worth protecting.
Please just stand on your own. When Mwanawasa and Chiluba baibile ZNOC you people were rejoicing and running to the illegal liquidator to deposit ZNOC money in your bank. We know all this and you will all face the music. If you bank is being pulled down by Zambian Airways problems, then it is touch for you brother. What goes run comes round. You reap what you sow
Banks must stop giving loans to their family and friends,
It’s true that local banks & other local investments need protection & incentives from Govt for them to survive.
Foreign companies are given tax holidays in their first periods of doing business in Zambia whilst our local companies are heavily taxed in the same period.It doesn’t make sense to me.
The same foreign companies would wound up after the tax break & come back using a disguised name, claim the same tax incentives, & our govt is just watching. How dull!
educate me here!Why protect Banks from foreign owneship?Is that crucial?Aren’t we all living in a global world were business should dictate how THINGS are run.I think we should probably be talking more about how banks in Zambia can have enough lending powers so that more people can accesss loans for investment.And oh! kudos to NAPSA i think the 50 million dollars investment in a housing project in kalulushi is commendable.
Investrust is doing a good Job, if the Govnt has to help it it should show responsibility by lending money only to institutions and people with a good credit rating. But if it continues lending to companies like ZAMBIAN AIRWAYS that we know very well cant pay and have no assets for collatral then iam afraid the bank would have to drown with such companies. NO TAX PAYERS MONEY TO RESCUE THE UNRECURABLE(bottomless pit).
why is it that all foreign banks operating in Zambia have nothing to do with Zambian airways while the local ones continued lending huge sums to this company yet the same foreign banks flocked to CEC another zambian company to give it money.Is it luck of foresight or Nepotism. LPM must have done something MHSRIP. NAYO NAYO
:-?:-?:-?:-?:-?
ba LT,most of your articles are old stories,please offer us something new or close down this site if you can’t get new juicy information
Any serious government protects it’s industries (Banks inclusive). Investrust ploughed a lot of money in Zambian Airways and any nossy person can not help but speculate the impact.
You have not disclosed why your Bank is suddenly having problems after so many years in operations. It looks like the debt to Post Newspapers that was invested in Zambian Airways is causing you problems. The answer is straight forward; go after collateral that the Post Newspapers gave. Bail out will not come because this MMD government is on record of sinking viable public institutions. If they give support to you then that will certainly be a corruption issue. Unless you are ready to be brag in corruption then continue asking for this bail out.
# 23 u are right and i hope they are not asking for Finacial help because our reserves have run out
ANOTHER ONE BITES THE DUST….THE SHARE PRICE OF THIS BANK HAS GONE FROM K65 TO K15. VALUE OF THE BANK IN REALLY MONEY FELL FROM $60MN TO $10MN. ITS A SITTING TARGET AND FRIDAY NDLOVU KNOWS THIS. BOZ IS GIVING LICENCES TO NEW BANKS EVERY MONTH – YESTERDAY WAS FNB AND ECOBANK. UBA, INVESTEC, “ISLAMIC BANK”, ETC ARE ALL IN THE PIPELINE.
LT are you running out of credible news.Whats is the connection between signing collective agreements and the government helping private institutions.As far as i know the playing field is level so if you cannot perform close the bank and dont ask for favours from the government.
Zambian banks are just ‘KALOBA’ Banks.. no great vision at all…
The Real Bank is ma Matress as Ba Maureen puts it!!! Liguidation comes nga mwasunda!! :d
#28, Actually, and in reality, those are ‘INDIAN BANKS’
believe it or not..
Its true…..
especially ku Chipata. 😕
Investrust gave a huge loan to Zambian Airways, bad business practice when the airline was clearly showing not profitable. Now the bank wants protection, to be rewarded for bad behaviour. No ways. I think on this ONLY one NyamaSoya is right, no bailing out poor planners. Nchito brothers making millions of dollars in Task Force Jobs & house rentals they have near mass media, let them channel that money into the airline.They are not poor fellows.
ala wansekesha Mpangula #30. Imbafu shakalipa mwe. Good day Bloggers
LT I’m giving you juicy news. 1st Why don’t you research? No reporters or what? Vera Chiluba dates Mbingu Wa Mutharika, KK dates Hmmm and Dan Pule is trying to waylay ba Maureen, Ha it will be a tough call for Dan Pule, can’t keep his zip closed,his choir made busy.
Ka Richard Kazala was going out with Dora Siliya, she used to frequent Chingola. Now this is news.Edith Nawakwi had once ribs broken by Hambulo the guy she has satired a child with.
what do other Bloggers say!!! This is not gossip but news.