Wednesday, February 28, 2024

ZICB to open to the public before September


Zambia Industrial Commercial Bank [ZICB], the successor of Intermarket Banking Corporation will open to the general public by end of quarter three 2018.

This was revealed on Wednesday when Industrial Development Cooperation Group Chief Executive Officer Mr Mateyo Kaluba visited the branch on his continued tour of State Owned Enterprises and IDC projects

Zambia Industrial Commercial Bank (ZICB) Limited is one of the new projects under IDC.

The bank, which has been created with a vision of fostering economic development by promoting the industrialisation and commercialization of Zambian businesses, is currently in the process of implementing a new core-banking system, and will open to the general public before the end of Q3 2018.

The Managing Director of Zambia Industrial Commercial Bank is Mr. Ignatius Mwanza, a seasoned banker with several years of experience.

Prior to the appointment at ZIBC, Mr. Mwanza previously worked as a Director Corporate Banking at ZANACO, Head of Investment Banking at Stanbic Zambia Limited, Head of Treasury at Standard Chartered Bank Zambia Limited, Manager Corporate Banking at Standard Chartered Bank (UK) Limited, and Senior Manager (Bureau De Change) at the Bank of Zambia.

The Government last year successfully restructured and appointed management for the former Intermarket Banking Cooperation, now Zambia Industrial Commercial Bank.

Some operations for the new bank have since commenced and depositors are accessing their money.

In the first four days of operations last December ,the Zambia Industrial Commercial Bank paid out K24.7 million of which K21.1 million are cash pay-outs and K3.5 million represents Bank of Zambia Real Time Gross Settlement [RTGS] transfers.

Of the K21.1 million cash pay outs, K15.2 million was paid at its main branch at the junction of Church Road and Cairo Road in Lusaka, while K5.9 million was paid out at its Kitwe Branch for clients on the Copperbelt Province. The total number of clients paid countrywide is 2, 174.

According to an assessment done in December last year, less than 3% of the clients had closed their accounts; a true sign that the majority were willing to start a new relationship with the bank.


  1. They’ve turned things around well. If there’s anything I have confidence in, it’s the bank’s CEO. Have followed his career from Stanbic Bank to Zanaco and feel he’s a solid thinker. Hope he doesn’t bend for PF cadres because this could really be a good bank for serious entrepreneurs in this country. Best wishes.

  2. IDC has really benefited its board members. Just last week ZCCM-IH increased its shareholding in Robinson Zulu’s Investrust Bank and now Mateyo says Sikutwa’s ZICB will be open in September this year. Its quite shocking how the IDC is conducting its investment linked to its board members where they are basically using tax payers money to prop up private interests. If there are future commissions of inquiry on state capture the IDC Matrix should not be left out because this where plunder is maximised.

  3. Let’s hope all the depositors and creditors won’t create a run on the bank when it opens forcing it to close once again.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site -

Subscribe now to keep reading and get access to the full archive.

Continue Reading