“FirstRand of South Africa will manage the day-to-day affairs of Finance Bank on behalf of the Central Bank of Zambia,” Mayondi said in a Lusaka phone interview without saying how much the South African bank will be paid or how long the contract will last.
Finance Bank, Zambia’s largest privately owned lender, is currently under central bank supervision. Finance Bank is partially owned by Credit Suisse Group AG.
[www.bloomberg.com]
Even beta! Make sure u publish audited results! Finance has not done this in a while. And don’t let sampa do transfers for gbm to sata. Very suspect. The bank is too widespread and big to fail. BoZ good job!
No. 1 zodie Have you ever worked for Finance Bank or do you even have any banking experience? Please dont display your ignorance. Thank you!
How can a company partly owned by Credit Suisse Group AG be mis-managed? Those are the questions you should be asking! Credit Suisse Group is a world class and the leading global financial services company headquartered Switzerland. Zodie, Have you been to Switzerland? Has even RB been there? RB goes to Turkey, Swaziland, Congo, Libya…….. you finish the list for me…..
ba MB just educate us, stop insulting, we are proffessionals in other fields, i dont know what the hell the above article is about. Do i have to go to switzerland to understund it sure??? hmmm,,,,
Bana ba Vasco da Banda have business interests in South Africa, just saying.
Even if Finance Bank is partially owned by Credit Suisse Group AG, it was run by indian theives with throw backs to FJTs rule. Good redance. The worst culprits perpertuating coruption in zambia are asians (parkistanis and indians) and greeks. They infact supply the most illigal immigrant workers from were they come from.
# 3 MB, I can believe you that Finace Bank can be owned by that Swiss company. Now tell us why money lauders bank in Switzeland, it is not because it is the second TAX HAVEN in the world? Even Wikileaks banks in that country. I am only worried about my K357,000. I left mu Finance bank.
It now appears to me that Zambia is slowing becoming a province of South Africa. Surely we dont have qualified personel in Zambia that can run an institution like Finance Bank.
I think Finance Bank has been involved in a lot of dirt for a long time. Let the truth come out. Let us know what was going on there for the Bank to be placed under supervision. Who else is involved other than Mahtani? I think this problem has been going on for a long time and only RB has the audacity to put his foot down.
…and so you bloggers that claim to be proffessionals in the Banking sector….will yo claims end up blablabla on LT…we claim we are independent….fisungu fye…shame on you bankers…
Ine nsakamene fye indalama nasha mu FNB. Does any one know how else I can get my money out without physically going there? plz help, this story is rather disturbing!
….kano uku runninger utuntemba…
#7 you just killed me with your last sentence! Thank you.That was good exercise for the heart.I sympathy (seriously).K357,000 is a lot of money.Ba BoZ please give this man/woman the money back! Ha ha ha!
@ #13 it’s “I sympathize”
What irritates me is the reluctance by GRZ/BOZ to report the actual offence commited by Finance Bank. All the GRZ/BOZ are doing is quoting a cap whatever of the whatever act. So what tranparency is in there.
Bloggers you are funny, take #4, has no idea, but feels he can comment!! #11 doesn’t even seem to know where he banks!! FNB is first National Bank, which is very different from FBZ!!
The WHOLE OF BOZ doesn’t seem to know how to manage FBZ!! When Meridian went down, I don’t think BOZ asked a foreign bank to manage on their behalf!! So BOZ will be paying FNB both Consultancy & Management fees – USING TAX PAYERS MONEY!!! What the F–k is going on in Zed??? Someone seen an opportunity to line their pockets again!! What do the officers in the SUPERVISORY dept of BOZ get paid for???
So there are no people in Zambia who can run Finance bank?Why go and hire people from South Africa?Iyo nipa Zed chachine.
Corruption is not just with Mahtani, started with Chiluba and now Vasco da banda. Mahtani just knows how to play around there minds, in order to get what he wants. A similar thing happened when Kafupi was president, with Mahtani deported and is happening today. It will not take them anywhere
Thats the main reason why i have and will never invest in this Country. Zambia is run and ruled by people who don’t know what they are doing, why should somebody trust leaders or business men/women with their $$$$$$$ in business. Very unfortunate to have a president who doesn’t know anything about finance or investments. NOW WILL SHOULD HAVE A SOUTH AFRICAN GOVERNMENT TO RULE ZAMBIA!!!!!
Ma politics naimwe, kwati tamwishibe ati next yr its elections!
#16
Chi Kamwendo, FNB is my acronym for Finance Bank, icimutwe. Any how, I need to have my acc closed, I dont trust politicians.
BOZ is funded by taxpayers and it is just fair that we are told what is going on.Hiring of South Africans to come and manage Finance Bank is really a bitter pill to swallow, kanshi who is control of the economic destiny of this Country! Mr Rajan Mathani was an angel during Dr Kaunda’s and President Mwanawasa’s reins what has changed so fast that now this ”angel” is being paraded as criminal suspect before our courts.
Those with doubts should know that this is a political move. How did BoZ arrive at engaging the south African Bank? when did the negotiations begin? its not enough to be blinded by the statement ‘south Africa’s second largest Bank’. This was a well calculated move to sink the FBZ. I strongly agree with # 19.
Just to clear the ignorance of people, Financial institutions are monitored daily and very closely by BoZ so where was BoZ when the crimes where committed? if its true there are irregularities than BoZ is to blame. There is constant and daily reporting to the central bank by all commercial banks.
It’s all Zambian politics. Is this our Zambian Enron? Every Central Bank knows the operations of their financial institutions in their respective Nations, so BoZ was aware about FBZ scandals but since everyone in Zambia is CORRUPT, they all kept quite and like ba ma linso sun bathing in June. I just fee for my fellow poor Zambians who have their money in this institution.
My felllow country men,lets stop this crusade by RB and his sons to enrich themselves through dubious transactions. FNB is a reputable bank but what critaria did they use to appoint them as caretakers of Finance bank? Rupia and his sons think they are very smart for us all Zambians. Finance bank may have been at fault but l dont think the route taken is economically viable. Or is it meant to benefit a few connected individuals? We have been taken for granted for a long time by these crooks pretending to have our interest at heart. Dont be supprised if FNB takes over Finance bank. The governement should tell us what Finance bank has done wrong exactly.
i have never seen a country that has completely no confidence in their own people,Always foreign oriented.It reminds me ok Chiluba giving millions of kwacha to katoto to buy arms for Zambia …FOOLISNESS.Why cant we look around for our own resources to run the bank..Zambia cant never be developed by foreigners.We should be bold enough to work hard with what we have
What a shame, you mean Zambian Banks cannot run the affairs of Finance Bank? Typical they always think Zambians are always second-class.
Where is empowerment here? Have you ever heard of a South African company being managed by a foreign firm? Mr. President & Bank of Zambia, where are you leading us?
Shameful Indeed.
It should have read “BOZ has hired a local institution to help stabilise FBZ; they will be assisted by so and so (foreign or local management consultants). That is the way to go. Yaba, things are that bad pa zed!
We may just aswell hire someone to run our political institutions starting from state house to cabinet for a fee.
There are so many “own goals” if I was HH or Sata I would be laughing all the way to the presidency, you guys get given all the armour on a plate to sell yourselves and the the failures of your opponents that it is baffling The win should be in the bag by now, you have enough evidence to indicate that you can aim high and better. Forget about the roads and the bumper harvest… people produced that by themselves, appeal to the emotions, how they sleep, eat, get treated when ill, children not being able to go to school, water availability, 3 meals a day, these are basic requirements that we should not be addressing 40 years after independence. Point out how Zambianisation has died, How your parents fight for independence has been sold. if I was a politician given everything going on, I…
country men and women, we are not serious. if the inconsistencies have been going on for such a long time at FINANCE Bank then why didn’t the central bank take actions then???? Please dont fool us again, the reason is reason is simple, the govt now suspects Sta in the major recipient of the laundered cash through the said bank and so they have to keep an eye on it. fyonse ifi ma economists mwakwata muchalo not even one of them can explain to the nation why taking action this time around??. The same govt has been transacting with FINANCE Bank ever since it came into existence. I have had enough of these excuses!!!!!!!!!!!!!!
country men and women, we are not serious. if the inconsistencies have been going on for such a long time at FINANCE Bank then why didn’t the central bank take actions then???? Please dont mislead us again, the reason is reason is simple, the govt now suspects Sata in the major recipient of the laundered cash through the said bank and so they have to keep an eye on it. fyonse ifi ma economists mwakwata muchalo not even one of them can explain to the nation why taking action this time around??. The same govt has been transacting with FINANCE Bank ever since it came into existence. I have had enough of these excuses!!!!!!!!!!!!!!
Wow,finance bank run by FNB,zamtel by Libyans,mines by chinese,airspace dominated by foreign carriers,foreign supermarket chains like shoprite rule our groceries mkt,nigerian cement company-Dangote will soon rule our mkt,milk from kenya and oil marketer kobil in our mkt,foreign banks rule our mkt and,hell,we even have foreign born presidents in Bwezani and KK.No wonder we have a mentality of not doing things for ourselves.
To put this issue in context; Finance bank is the only indegenous owned bank in the country with the widest coverage especially in the rural areas. To put the bank under judicial management by a First Rand, the owners of First National Bank a competitor within the industry is tantamount to unfair and illegal business practices; now FNB will have a insider view of the mangement of Finance bank. Surely this smells of a big rat, i call upon of depositors to close their accounts immediately before the ievitable happens!
RB simply wanted a bank they can deep fingers and run election. Here it is
ha and you make fun of Nigerian banks coming in, calling them crooks, 419 etc. You are the crooks yourselves! you cant even open a ZANACO in Malawi. shame shame shame. [-x[-x[-x i dont trust the babylonians in europe either, during the economic meltdown we learnt they are the most shady in their dealings worldwide, wikileaks has revealed that too .thats why i bank Nigerian, For Africans, by Africans. Viva Africa! well done Zambia *sarcastic clapping* >:d<
Natangwani………………………….LK
#21 you have a Pea-sized brain – that is why we will welcome your personalized acronyms on this public fora!!
# 34 south african ,Well said. This is corruption of the waste kind. They think we are very backwards. To all those participating in these transaction,we are taking note of all and will one day ask you to give us answers. FNB is trying to break into the Zambian market, surely we have other banks like Zanaco were our government has interests and they understand the environment better than FNB therefore may run Finance bank better. RB and his sons want to make sure they hold interests in all major businesses.
never celebrity your friends downfall, remember days are numbered tomorow it will be you though they can be good or Evil
Imagine Zambia for Rupia and Sons for next 5 yrs. Time to go abroad for a while
Nnmb 19, you will only miss out with that attitude. we are ordinary zambians and we are investing not because we are patriotic but because zambia is ready for investment. politics is rubbish but business is good, and we many of us are jumping on the opportunities