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The Bank of Zambia has revealed that plans are underway for the sale of
Finance bank at a price of $5.4 million to South Africa’s FirstRand Group.
The central bank seized Finance Bank from its shareholders in 2010 on reasons of violating the law through unsound practices, including insider borrowing.
The Bank of Zambia has explained in a statement that after negotiations, a deal has been reached for the sale of Finance bank.
FirstRand Group, which trades as FNB, will operate all 34 branches and 16 agencies of Finance Bank, whose employee base is 1,000.
Meanwhile, the Bank of Zambia has agreed to take over Finance Bank’s liabilities, which includes assets embroiled in court litigations.
The central bank seized Finance Bank from its shareholders in 2010 on reasons of violating the law through unsound practices, including insider borrowing.
The Bank of Zambia has explained in a statement that after negotiations, a deal has been reached for the sale of Finance bank.
FirstRand Group, which trades as FNB, will operate all 34 branches and 16 agencies of Finance Bank, whose employee base is 1,000.
Meanwhile, the Bank of Zambia has agreed to take over Finance Bank’s liabilities, which includes assets embroiled in court litigations.
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