The Bank of Zambia has finished receipting submissions over the restructuring and consequent sale of Finance Bank.
The Central Bank took over operations at the financial institution on reasons of unsound banking practices.
To this effect, the Bank of Zambia had until March 17th been receiving written submissions from various stakeholders after a public hearing meeting on March 9th 2011.
Bank of Zambia Head of Public Relations, Kanguya Mayondi says the central bank is still compiling data from the submissions made over a period of about seven days.
Meanwhile, the Zambia Union for Financial Institutions and Allied Workers has reaffirmed the need to hasten but efficiently process the sale of Finance Bank.
ZUFIAW President, Cephas Mukuka noted that the general public and other concerned stakeholders are anxiously waiting for future developments at Finance bank.
[ MUVI ]
good. plz do it quickly. there is need to fix mathani for good. this mwenye has finally met his match and must not forget that it does not pay to be a criminal. Kafupi will have a last laugh!
I am totally discombubulated about this saga. How can the Central Bank sell a Bank that does not belong to them? Is this what the law in Zambia says? I thought that the central bank is independent but it looks like it is aligned to the politics of the day. If Mathani is a criminal why should the whole bank be punished? I am confused dot com.
And the PF magazine & its stoogies were predicting a serious run on the Bank.Well Caleb has proved them wrong.Well done BOZ
these i.diots just never learn. They cannot even wait to see what will come out of lap green
AS Very good. Nice, silmpe and straightforward, with just the usual doubts mentioned. Yes, a Central Banks main function is to deliver macro stability. The micro stuff is the purview of the political branch .
According to the BFSA (1994) this process should be concluded by 10 the April ie. 30 days after the prescribed 90 days.I agree with ZUFIAW President, this process is causing a lot of anxieties among employees, clients, creditors etc. The earlier BOZ expedited this process the better. However, the identity of the potential buyer is a foregone conclusion…First Rand are getting it as they already have the “bird” in hand. Theses guys have already done their due diligence. recently a team from their Head office in South Africa were in the country and they were busy taking pictures of assets ie. buildings, cars (Range Rovers) Mercs etc. However, the majority of FBZ buildings are rented.
Finance House, which accomodates the Head office is rented from Mahtani, in fact he lives in the penthouse on the 6th floor of that building, Ndola branch is rented from Mahtani (Leasing Finance).
This is better than what happened to Meridian BIAO