FINANCE BANK HANDED BACK TO ORIGINAL OWNERS

The Bank of Zambia has officially handed over Finance Bank Zambia limited to its previous shareholders.

This is contained in a statement made available by the central bank head of Public Relations, Kanguya Mayondi.

Mr Mayondi has since stated that Finance Bank will continue to conduct normal operations.

The hand over of the bank follows President Michael Sata’s order that the financial institution be given back to the owners.

The central bank had seized Finance Bank on reasons of breaching financial regulations, before nullifying the shareholding structure and its sale.

Meanwhile, FirstRand Group has confirmed receiving formal notification from the Bank of Zambia over the termination of the sale of Finance Bank.

According to the press statement issued by FNB’s Dr Michael Jordaan, the company has since agreed over the issue provided it is within the law.