By HELEN ZULU –
AB Bank Zambia has set a branch in Lusaka’s Chelston area at a cost of K1.4 million.
AB Bank chief executive officer Armando Sirolla said the bank had spent K1.4 million in furnishing and setting up machinery at the new branch which is a fifth one in the country.
Mr Sirolla was speaking in an interview shortly after official opening of the branch.
He said this was in line with the mission and strategy of AB Bank’s shareholders who wanted to promote social and economic development and increase the financial services outreach in the country by promoting a strong savings culture.
He said the bank had also recorded growth of 110 per cent on loan portfolio and 160 per cent growth on the deposits side in the last 12 months.
Mr Sirolla said since inception the bank recorded more than 35,000 deposit accounts of K542 on average, and 6, 500 borrowers which was a valuable contribution to the financial inclusion in the country, in a short period.
