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Finance Bank to contribute K90 million to the treasury, begins listing process on LuSE

Economy Finance Bank to contribute K90 million to the treasury, begins listing...

 Dr Mathani
Dr Mathani

Finance Bank Zambia (FBZ) will contribute ninety million kwacha (K90 million) to the government treasury for year ended 31st December,2014.

And the bank has announced the commencement of the processMathani of listing its shares on the Lusaka Stock Exchange.

Speaking during a Breakfast Meeting on the quoting of all shares on Luse in Lusaka today, FBZ Chairman Rajan Mahtani says the bank has deposited a base of K2.4 billion and a loan book size of over K1.4 billion as at 31st December 2014.

Mr. Mahtani says the bank which started with one branch and has now grown to 58 outlets represented in all provinces and 122 ATMs.

He adds that by the end of the first quarter of 2015; the bank will have 62 outlets and 172 ATMs.

He says the bank’s quoted status on the Lusaka Stock Exchange is being followed up closely to ensure that the date for the actual listing will not exceed 31st March, 2015.

Mr. Mahtani adds that despite all odds, the bank is confident of listing on the London Stock Exchange very soon.

Speaking at the same event, Securities Exchange Commission (SEC) Chairman Chintu Mulendema says the move taken by Finance Bank Zambia is a positive one in the sense that it will provide an alternative avenue for investment.

12 COMMENTS

  1. Normally news like this is supposed to be very progressive but accompanied by a photo I cannot even begin to comprehend… what are you saying beloved LT?

    • Zambians are forewarned, buy a share at your own risk. 100% guaranteed that value of your share will go down. Mr. Mpundu is warned, do not stake NAPSA money to Finance Bank. In any case, NAPSA with 10% employees contribution with meagre pension is a day time robbery. His Excellency Hakainde Hichilema shall close NAPSA. Pension shall be managed by private sector. NAPSA is a drain on workers and a conduit to enrich useless thugs. A worker who put his money in treasury bills than giving it to NAPSA will make 34 times more return in a period of 20 years than what NAPSA makes. Back to Finance Bank, BIG NO.

    • LT your choice of picture for this story is ldiotic. Which school did your journalist go to? You should learn to cover other stories apart from HH and Lungu day in day out. The picture should be relevant to story carried. That’s a very basic lesson in journalism.

  2. 50 Years after independence, these are the stories that will inspire the next generation. Finance Bank is a bank started in Zambia, employing Zambians and has gained international recognition. With names like Credit Suisse as shareholders, the bank has shown that indeed Zambia too can export a world class institution.

    It is really inspiring to see this bank survive a near death experience and come back bigger and better. What is even more inspiring is to see that prosperity of Zambian enterprises has a direct impact on the prosperity of the Zambian economy.

    K90 million is about US$13 million, and that’s just taxes. And for some reason this is the same bank that the MMD wanted to sell to FNB for $5 millon. I thank God for sending a bold MCS to reverse the sale!!

    • It means he is investing for Sympathy from whom ever is going to be in office. Remember the Bible also states,

      : Pro. 13: 22 A good [man] leaveth an inheritance to his children’s children: and the wealth of the sinner [is] laid up for the just [for the uncompromisingly righteous, God has immense wealth reserved for His use prior to the second coming of Jesus—not just for the Church, but there will be a parallel immense gathering of wealth in Israel: both in oil production and in minerals in and around the Dead Sea.].

  3. I usually don’t comment on articles – but this one deserves a high five, hats off and it just couldn’t go without comment.

    I obviously read with dismay the news of this crooked bank(er) still being able to dribble its way away around all the supervisory institutions in Zambia. How in God’s name can the general public buy into an institution the is riddled with corruption, fraud, theft and trickery.

    I usually do not look at the pictures especially this one for some reason appeared as an icon, so as usual after reading the article I scrolled down to read the comments – I read the first one talking about the picture – I scrolled up clicked the icon and their appeared Mahtani – I laughed out loud – bloody hilarious – laughing until now – will laugh for a long time to come.

  4. You see, in any normal situation, considering the weight of the article, the picture is totally out of place, but what everyone must understand is that Mahtani was probably collecting sympathy from the people at the so called breakfast announcement and was probably saying that is what they did to me when they took the bank – I had to go for a bypass surgery and I nearly died and he probably shed a few tears.

    That is Mahtani and his modus operandi – tears of a crocodile.

    Yes, Mr Mahtani it is me Mohamed Salama commenting and the name is correct it’s me. I will certainly share this historical moment with Mr Sikota and Mr Ody not forgetting Tony Vantreligas.

    LT please give the author of this article a big bonus and a big hug from me. The picture is spot on and bulls eye.

  5. He is trying to do the right thing now, knowing that Kamina Misa is coming next week to sort him out together with his cartel *****s.The begning of the fall of Membe, Mathani and stupid DPP.

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