Indo-Zambia Bank Limited

Indo–Zambia Bank (IZB), whose full name is
Indo–Zambia Bank Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[4]

Indo–Zambia Bank
TypePrivate
IndustryBanking
Founded19 October 1984 (1984-10-19)
HeadquartersLusaka, Zambia
Key people
Orlean Moyo
Chairperson
Mahesh Bansal
Managing Director
ProductsLoans, credit cards, savings, investments, mortgages
RevenueAftertax:ZMW:80.8 million (US$8.25 million) (2015)[1]
Total assetsZMW:2.967 billion (US$303 million) (Q1:2017)[2]
Number of employees
300+ (2014)[3]
Websitewww.izb.co.zm

Overview

IZB is a medium-sized financial services provider in Zambia, providing retail banking services to the communities it serves. As of March 2017, the bank controlled total assets of ZMW:2.967 billion (US$303 million), with shareholders' equity of ZMW:685.5 million (US$70 million).[2]

History

The bank was founded in on 19 October 1984 by the Government of Zambia, and three state owned Indian banks: (a) Bank of Baroda (b) Bank of India and (c) Central Bank of India.[3] Indo-Zambia Bank is a significant employer in the communities that it serves and is an active participant in Corporate Social Responsibility activities in Zambia.[5]

Location

The headquarters and main branch of the bank are located at 6907 Cairo Road, in the city of Lusaka, the capital city of Zambia, and its largest metropolitan area.[6] The geographical coordinates of the bank's headquarters are: 15°25'23.0"S, 28°16'59.0"E (Latitude:-15.423056; Longitude:28.283056).[7]

Ownership

The stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:[8]

First Alliance Bank Zambia Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Government of Zambia40.0
2Bank of Baroda20.0
3Bank of India20.0
4Central Bank of India20.0
Total100.00

Branch network

The bank maintains its headquarters in Lusaka, the capital and largest city in Zambia. As of May 2018, it had a network of twenty-eight branches and 4 agencies in various parts of the country.[8]

Governance

Mrs. Orlean Moyo, a Zambian, is the Chairperson of the eight-person Board of Directors. Mahesh Bansal, a national of India, serves as the Managing Director.[9]

See also

References
  1. Indo-Zambia Bank (27 June 2016). "Indo-Zambia Bank: Annual Report for the Year Ended 31 December 2015" (PDF). Lusaka: Indo-Zambia Bank Limited. Retrieved 1 May 2018.
  2. Indo-Zambia Bank (31 March 2017). "Quarterly Financial Statement for the Three Months ended 31 March 2017" (PDF). Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
  3. Diran Chama (29 April 2014). "Indo Zambia Bank Honours Kenneth Kaunda". Times of Zambia. Lusaka. Retrieved 2 May 2018.
  4. Bank of Zambia (2 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 2 May 2018.
  5. The Times of Zambia (28 May 2012). "INDO Bank to Spend K351 Million On Community Events". London: UKZambians.co.uk Quoting The Times of Zambia.
  6. Indo-Zambia Bank (2 May 2018). "The Head Office of Indo-Zambia Bank". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
  7. Google (2 May 2018). "Location of the Headquarters of Indo-Zambia Bank, Cairo Road, Lusaka, Zambia" (Map). Google Maps. Google. Retrieved 2 May 2018.
  8. Indo-Zambia Bank (2 May 2018). "Indo-Zambia Bank: Brief History". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
  9. Indo-Zambia Bank (2 May 2018). "Indo-Zambia Bank Limited: The Board of Directors". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.

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