By CHATULA KANGALI –
THE Bank of Zambia (BOZ) has urged Intermarket Bank investors to ensure that the institution operates in a sustainable manner when it reopens.
BOZ is currently finalising the business plan for the reopening of the bank which was last year liquidated due to insolvency.
BOZ deputy director operations Bwalya Ng’andu said the Intermarket Bank investors should ensure that they run the bank in a sustainable manner.
Dr Ng’andu said during the media tour of the stand at the on Zambia International Trade Fair (ZITF) themed ‘Innovation for Industrialisation’, that Intermarket bank would reopen on condition that the investors run it in a sustainable manner.
“Last week the minister of Finance Felix Mutati announced that the central bank had reached an advanced stage of reopening the liquidated bank,I can confirm that we are now finalising the business plan and very soon the bank will open.
“However we have given the investors two conditions, one to ensure that there will be no insolvency and two to ensure that it becomes sustainable,” he said.
Dr Ng’andu urged the bank to become competitive in its service delivery.
He said the bank was also working on the management structures of the bank in readiness for its reopening.
Dr Ngandu said the central bank was in the process of drafting of the post insurance bill that ensures that depositor’s money is reimbursed in an event of a bank closure.
He said BoZ was hoping to start the drafting of the bill before the end of this year.