Zambia Industrial Commercial Bank Limited (ZICB) has entered into a Purchase and Assumption (P&A) Transaction with the Bank of Zambia as part of the resolution of Investrust Bank Plc (In Possession).
As has been announced by the Bank of Zambia, customers who has outstanding deposit balances at Investrust Bank Plc (In Possession) will have new accounts opened and will be able to access banking services as new customers of ZICB.
To ensure seamless service delivery to the new customers, ZICB has acquired 16 branch locations of Investrust Bank Plc (In Possession). These include seven (07) branches and agencies in Lusaka, an agency in Lumwana, as well as branches in Livingstone, Choma, Luangwa, Chipata, Kabwe, Ndola, Kitwe, and Chililabombwe.
With its existing six (06) locations, plus a new branch to be opened in Solwezi before the end of July 2024, ZICB will now be operating a total of 23 branch and agency locations across the country after this transaction. All these locations will be available to provide convenient banking services to both new and existing customers of the Bank.
Speaking after the announcement of the P&A Transaction, Zambia Industrial Commercial Bank Limited (ZICB) Acting Chief Executive Officer (CEO) Dr. Louis Kabula said the Bank is pleased to have concluded the transaction with the Central Bank in record time as it will ensure that the former customers of Investrust Bank Plc (In Possession) are able to continue their lives as customers of ZICB with as little disturbance banking needs as possible.
“ZICB exists to provide solutions to the banking problems that Zambians are facing on a daily basis. Being a 100% local bank, we always look for the silverlining in the challenges that confront our fellow citizens. In the case of our new customers from Investrust Bank Plc (In Possession), I extend a warm welcome to them. We are thrilled that we have been able to create a new home for them at ZICB and we want to assure them of our dedication to a high standard of service delivery”, Dr. Kabula said.
He advised that, while the new customers are free to start engaging with ZICB, they should allow the Bank to put in place operational processes in readiness for opening of the branch locations on 15th July 2024. He indicated that, before that date, the Bank will share as much information as possible with the customers to ensure a smooth transition process.
Further, Dr. Kabula commended the government, through the Bank of Zambia, for providing funding support to primarily safeguard financial system stability and protect banking sector depositors. He also thanked ZICB’s shareholders for supporting the Bank’s strategic objectives through this transaction.