And the Bank of Zambia has said it is convinced Dr Mwanza would continue to contribute to the growth of the financial sector and help consolidate the progress that Finance Bank had made so far.
The Finance Bank board has also resolved to reduce the Finsbury Investment shares in Finance Bank from 25 per cent to 10 per cent.
Finance Bank executive director- corporate banking and marketing Noel Nkoma confirmed this in a statement in Lusaka yesterday.
Mr Nkoma said the board made the proposal for Dr Mwanza, who is University of Zambia chancellor to succeed Dr Mahtani, at its extra-ordinary board meeting on Saturday.
Dr Mahtani tendered his resignation to the bank’s board on Saturday which the board accepted during the subsequent extra-ordinary board meeting held on the same day.
Commenting on the changes, BoZ head of public relations Kanguya Mayondi said the Central Bank had taken note of the stepping down of Dr Mahtani and welcomed the proposed appointment of Dr Mwanza.
“Dr Mwanza has served the private and public sectors in Zambia in various capacities. in the financial sector. Dr Mwanza is the immediate past governor of the Bank of Zambia, having served from 1995 to 2002,” he said.
He said the BoZ was optimistic that Dr Mwanza would be able to steer the bank to greater heights and build on what had been done in terms of the expansion programme.
[Times of Zambia]