Zambia National Commercial Bank

Last updated
Zambia National Commercial Bank
Company type Public
LUSE:ZANACO
Industry
FoundedJanuary 1, 1969;55 years ago (1969-01-01)
Headquarters Lusaka, Zambia
Key people
Patrick Wanjelani
Chairman [1]
Mukwandi Chibesakunda
Chief Executive Officer [2]
Products Corporate and Investment Banking, Business Banking, Retail Banking, Digital Banking, Private Banking
Increase2.svg ZMW3.902 billion (US$213.60 million) (2022) [3]
Increase2.svg ZMW:1.204 billion (US$65.907 million) (2022) [3]
Total assets Increase2.svg ZMW:35.97 billion (US$1.97 billion) (2022) [3]
Total equity Increase2.svg ZMW2.980 billion (US$163.12 million) (2022) [3]
Number of employees
1,216 (2022) [3]
Website Homepage

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. [4] In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax. [3] [5]

Contents

Location

The bank's headquarters and main branch are located in Zanaco House, at the corner of Cairo Road and Chainda Place, in the central business district of Lusaka, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia. [6] The coordinates of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E (Latitude:-15.423611; Longitude:28.283333). [7]

History

Zanaco was founded in 1969 by the Government of Zambia. Prior to 2007, the bank was 100 percent owned by the government. In that year, 49 percent of its shares were sold to the Rabobank Group, a banking company from the Netherlands. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange (LUSE), where they trade under the symbol: (ZANACO). According to the bank's quarterly financial statements as at 30 June 2022, net income was ZMW29.42m. [8] The current shareholding in the bank is detailed under ownership.

Overview

Zanaco is one of the largest financial services providers in Zambia. As of December 2022, the bank's total assets were valued at ZMW35.97 billion (US$1.97 billion) with shareholders' equity of ZMW2.980 billion (US$163.12 million). [9] In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax. [9] The achievement was mainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework. [9]

The bank repeated the feat in 2022 when it registered PAT of ZMW1.203 billion after 11% growth in revenue following the implementation of various strategic initiatives such as embedding of sustainability into strategic plans and initiatives, expansion of product offering to match customer needs, improvement of customer touch points to enhance service delivery and expansion of the bank's digital footprint. [9]

In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing. [10]

Awards in 2022

The Bank received the following awards in 2022: [3]

Ownership

As of December 2022, the banks's stock was owned by the following corporate entities and individuals: [3]

Zanaco Stock Ownership
RankName of OwnerPercentage Ownership
1Arise BV*45.59
2 Industrial Development Corporation (IDC)25.00
3Public19.41
4National Pension Scheme Authority (NAPSA)10.00
TOTAL100.00

∗Arise BV is an investment company co-owned by Rabobank, Netherlands Development Finance Company and Norfund.

Branch Network

Zanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of December 2022, the bank had one of the largest distribution networks in the country with 62 branches and agencies and almost 200 automated teller machines, spread across the entire country. In addition, Zanaco has over 21,000 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both rural and urban locales. [3]

Community service

Zanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia. [11]

See also

Related Research Articles

<span class="mw-page-title-main">Economy of Zambia</span>

Zambia is a developing country, and it achieved middle-income status in 2011. Through the first decade of the 21st century, the economy of Zambia was one of the fastest-growing economies in Africa, and its capital, Lusaka, the fastest-growing city in the Southern African Development Community (SADC). Zambia's economic performance has stalled in recent years due to declining copper prices, significant fiscal deficits, and energy shortages.

<span class="mw-page-title-main">Rabobank</span> Dutch banking and financial services company

Rabobank is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation, and many specialised international offices and subsidiaries. Food and agribusiness constitute the primary international focus of the Rabobank Group. Rabobank is the second-largest bank in the Netherlands in terms of total assets.

ACC Loan Management Limited, formerly ACCBank plc, was originally a commercial bank in Ireland that focused on agriculture and SME lending, and later became a company that focussed on managing the lending facilities of its existing clients. The bank had its origins in the Agricultural Credit Corporation set up in 1927 in the Irish Free State to finance agriculture; the bank was successful and led to the creation of the Industrial Credit Company, which was modelled on it and provided finance to industry. In the early 1990s, the company name was changed from "Agricultural Credit Corporation plc" to "ACCBank plc" in order to signify that the company was then targeting more than simply agricultural customers. In early 2002, the bank was sold by the Irish Government to Rabobank, it was one of the three entities of the Rabobank (Ireland).

<span class="mw-page-title-main">KCB Bank Kenya Limited</span>

KCB Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the national banking regulator. The bank has also been running Agency banking model.

<span class="mw-page-title-main">Access Bank plc</span> Nigerian multinational bank

Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.

<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 Zambia, is a commercial bank in Zambia. Established on December 1, 2016 from the merger of BancABC Zambia Ltd. with Finance Bank Zambia Ltd., it is licensed by the Bank of Zambia, the central bank and national banking regulator.

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.

Mizinga Melu is a Zambian businesswoman, accountant, and bank executive. She is the current chief executive officer, of Absa Bank Zambia Plc, effective February 2017, based in Lusaka, the capital and largest city in the country.

Standard Chartered Zambia, officially Standard Chartered Bank Zambia Plc, commonly known as is a Stanchart Zambia, is a commercial bank in Zambia and a subsidiary of Standard Chartered. It is licensed by the Bank of Zambia, 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.

<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.

Mukwandi Walusiku Chibesakunda is a Zambian accountant and bank executive who currently serves as chief executive officer of Zambia's largest bank, ZANACO Bank PLC. She is the first female to hold the position. In 2022, she won the African female leader of the year.

References

  1. ↑ "Notice of change in Directorate". Zanaco Investor. Zambia National Commercial Bank Plc. Retrieved 10 July 2022.
  2. ↑ "(SENS Announcement) ZANACO appoints Mukwandi Chibesakunda as CEO". Financial Insight. Financial Insights of Zambia. Retrieved 10 July 2022.
  3. 1 2 3 4 5 6 7 8 9 "Zambia National Commercial Bank Plc (Zanaco.zm) 2022 Annual Report". Zanaco. Zambia National Commercial Bank Plc. Retrieved 14 June 2023.
  4. ↑ Bank of Zambia (3 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia . Retrieved 3 May 2018.
  5. ↑ "FY21, What No Eye Has Seen Nor Ear Heard, Zanaco Plc is Zambia's First K1bn PAT Bank". The Business Telegraph. Retrieved 2 October 2022.
  6. ↑ Zanaco (3 May 2018). "The Headquarters of Zambia National Commercial Bank". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 May 2018.
  7. ↑ Google (3 May 2018). "Location of the Headquarters of Zambia National Commercial Bank, 2118–2121 Cairo Road, Lusaka" (Map). Google Maps . Google. Retrieved 3 May 2018.
  8. ↑ "Zambia National Commercial Bank Quarterly Financial Statements for the Quarter ended 30 June 2022". Zanaco. Zambia National Commercial Bank Plc. Retrieved 2 October 2022.
  9. 1 2 3 4 Zanaco (31 March 2023). "Zambia National Commercial Bank Annual Report for the Year Ended 31 December 2022". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 10 June 2023.
  10. ↑ thebusinesstelegraph (14 October 2022). "zanaco-plc-secures-50mln-credit-line-with-british-international-investment-company-for-sme-and-climate-finance". thebusinesstelegraph.com. Retrieved 15 October 2022.{{cite web}}: |last= has generic name (help)
  11. ↑ Sports Reporter (13 May 2017). "Zanaco FC face Al Ahly challenge". Zambia Daily Mail . Lusaka. Retrieved 3 May 2018.

15°25′25″S28°17′00″E / 15.42361°S 28.28333°E / -15.42361; 28.28333

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.