MAHTANI VOWS TO FIGHT AGAINST FINANCE BANK SALE

Former Finance Bank Chairperson, Rajan Mahtani has described the sale of the respective financial institution as illegal.

The Bank of Zambia has recently approved the 27 billion kwacha sale of Finance Bank to First Rand Group of South Africa.

But Dr Mahtani has argued and questioned the sale of the bank despite the matter still being in court.

Dr Mahtani says it is sad that the bank, which took him 23 years to establish, is being sold.

The former Finance Bank Chairperson was evacuated to South Africa for medical treatment after suffering a suspected heart attack on 4^th August 2011.

Meanwhile, the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has advised unionized employees of Finance Bank Zambia Limited not to sign any resignation letter and sign new offer of employment with First National Bank Zambia Limited.

ZUFIAW General Secretary Joyce Simukoko has said in a statement that the workers should not sign any contract with FNBZ until his union and the managements of FBZL and FNBZ constitute a bargaining unit that would agree on the terms of termination of employment with Finance Bank Zambia and the new terms of employment offers by First National Bank Zambia.

Mrs Simukoko says ZUFIAW is already in contact with the managements of FNBZ and FBZL on the way forward on the issue.

She has since appealed for calm from all unionized workers.

The Bank of Zambia has sold most of Finance Bank Zambia assets to First National Bank of South Africa for K27 billion.