Intermarket Bank

Last updated
Intermarket Bank
TypePrivate
Industry Financial services
Defunct2016
Headquarters Lusaka, Zambia
Key people
Joseph Toubi
Chairman
Robert Nkous
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Website Homepage

Intermarket Bank was a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the national banking regulator. [1]

Contents

History

In March 2010, at the direction of the Bank of Zambia, Afriland First Bank Group, based in Yaoundé, Cameroon, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholder in Intermarket Bank retained 20% ownership. Afriland also took 80% shareholding in Intermarket Securities, which is 100% owned by Intermarket Bank. The new majority owners will keep the Intermarket brand until 2013 when they will switch to the Afriland brand. [2] with liabilities over the assets, it became potentially difficult for the bank to honour its financial obligations.

Ownership

As of March 2010, the bank's stock was owned by the following corporate entities: [3]

Intermarket Bank Stock Ownership
RankName of OwnerPercentage Ownership
1 Afriland First Bank of Cameroon 80.00
2 Sabre Capital Worldwide Inc. of United Kingdom 20.00 [4] [5]
Total100.00

Branch network

The bank maintained headquarters in Lusaka, Zambia's capital and largest city. The bank had the following branches:

  1. Lusaka Main Branch - Lusaka
  2. Manda Hill Branch - Manda Hill Shopping Mall, Lusaka
  3. New Soweto Branch - New Soweto, Lusaka
  4. NIPA Agency Branch - Lusaka
  5. Kamwala Branch - Kamwala
  6. Chawama Branch - Chawama
  7. Kitwe Branch - Kitwe

Governance

Joseph Toubi served as Afriland First Bank Group's Executive Vice President since 2008. He has been in the banking sector since 1989. After implementing the Organization Department and the Department in charge of overhead management in Société Générale de Banques au Cameroun, Joseph Toubi joined Afriland First Bank Cameroon as an Internal Auditor in 1997. He was Advisor to the Chairman of Afriland First Group for 9 years before becoming the Group Executive Vice President in charge of Business Development and International Relations. He was also the Chairman of the Board of Afriland First Bank in the Democratic Republic of Congo and Chairman of the Board of Intermarket Banking Corporation. He was part of the team of four experts set up by the Cameroonian Government to implement the Douala Stock Exchange in 2002. Robert Nkous served as the Managing Director of Intermarket Banking Corporation, since January 2012. [6]

Closure

In 2016, the Bank of Zambia seized and closed Intermarket Bank on account of being insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure the collapsed bank, to enable it to re-open. [7]

After reaching agreements with the shareholders of the collapsed bank, the restructured bank was opened, with new shareholders and under new management, on 23 October 2018.The restructured bank was named Zambia Industrial Commercial Bank . [8] [9]

See also

Related Research Articles

Afriland First Bank is a full-service bank in Cameroon, with subsidiaries in the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, São Tomé and Príncipe and Zambia. The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d'Epargne et d'Investissement. It is the largest financial services group in Cameroon.

<span class="mw-page-title-main">Zambia National Commercial Bank</span> Commercial bank in Zambia

Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator. In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.

National Bank of Commerce (Uganda) (NBCU) was a commercial bank in Uganda.

<span class="mw-page-title-main">Access Bank Group</span> Nigerian financial services conglomerate

Access Bank Group is a financial services conglomerate, headquartered in Nigeria, with subsidiaries in the Democratic Republic of the Congo, Ghana, Kenya, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Zambia, France and the United Kingdom. The group also maintains representative offices in China, India, Lebanon and United Arab Emirates.

Cavmont Bank Limited is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

Atlas Mara Bank Zambia Limited (AMBZL), commonly referred to as Atlas Mara Bank Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator. AMBZL was established on 1 December 2016, when BancABC Zambia Limited merged with Finance Bank Zambia Limited.

Investrust Bank Plc., commonly known as Investrust Bank, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

First Alliance Bank Zambia Limited (FABZL), also known as First Alliance Bank (Zambia), is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator.

<span class="mw-page-title-main">Indo-Zambia Bank Limited</span>

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.

<span class="mw-page-title-main">FirstRand</span> South African financial service provider

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Letshego Bank Tanzania Limited, commonly known as Letshego Bank is a commercial bank in Tanzania, licensed by Bank of Tanzania, the central bank and national banking regulator.

<span class="mw-page-title-main">Access Bank Zambia</span> Commercial bank in Zambia

Access Bank Zambia, whose full name is Access Bank Zambia Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

<span class="mw-page-title-main">Absa Bank Zambia</span> Commercial bank in Zambia

Absa Bank Zambia Plc, formerly Barclays Bank of Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

ZB Bank Limited (ZBBL), also known as ZB Bank but commonly referred to as Zimbank, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.

<span class="mw-page-title-main">AB Bank Zambia</span>

AB Bank Zambia is a commercial bank in Zambia, licensed by the Bank of Zambia and by the national banking regulator. It is a member of AccessHolding, a banking group which operates a network of commercial banks and microfinance institutions in developing and transition countries with a target group focus on micro, small and medium-sized enterprises.

Zambia Industrial Commercial Bank (ZICB), is a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the central bank and national banking regulator.

<span class="mw-page-title-main">First Capital Bank Zambia Limited</span> Zambian commercial bank

First Capital Bank Zambia Limited, is a commercial bank in Zambia that is licensed by the Bank of Zambia, the central bank and national banking regulator. It is a subsidiary of FMBCapital Holdings Plc, a financial services conglomerate, based in Mauritius, whose shares of stock are listed on the Malawi Stock Exchange and has subsidiaries in Botswana, Malawi, Mozambique, Zambia and Zimbabwe.

<span class="mw-page-title-main">United Bank for Africa Zambia Limited</span> Zambian commercial bank

United Bank for Africa Zambia Limited, also UBA Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.

References

  1. ↑ "Bank of Zambia". www.boz.zm. Archived from the original on 2010-06-21. Retrieved 2017-08-16.
  2. ↑ History of Intermarket Bank Archived 2012-09-11 at the Wayback Machine
  3. ↑ Shareholding In Intermarket Bank Archived 2012-09-11 at the Wayback Machine
  4. ↑ Sabre Capital Worldwide First Invested In Intermarket Bank In 2008
  5. ↑ About Sabre Capital Worldwide
  6. ↑ Key People At Intermarket Bank Archived 2012-09-11 at the Wayback Machine
  7. ↑ Chimweta Luyando (7 October 2017). "Intermarket Bank now ZICB Limited". Lusaka: The Mast Online. Retrieved 13 February 2020.
  8. ↑ 5FM Radio Zambia (23 October 2018). "ZICB Opens For Business". Lusaka: 5FM Radio Zambia. Retrieved 13 February 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ↑ Chambwa Moonga (28 November 2019). "Zambia Industrial Commercial Bank, Mastercard forge partnership". Lusaka: The Mast Online. Retrieved 13 February 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.