Zambia Industrial Commercial Bank
# Zambia Industrial Commercial Bank

Zambia Industrial Commercial Bank (ZICB), is a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the central bank and national banking regulator.

## History

In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure Intermarket Bank, to enable it to re-open.

Subsequently, agreement was reached with the shareholders of the collapsed bank, on how the bank could be re-opened. The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution.

The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management, in a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe. The restructured bank was named Zambia Industrial Commercial Bank.

## Ownership

As of February 2020, the bank's stock was owned by the following corporate entities:

Zambia Industrial and Commercial Bank Stock Ownership :

| Rank | Name of Owner | Percentage Ownership |
| - | - | - |
| 1 | Industrial Development Corporation of Zambia | 71.0 |
| 2 | The National Pension Scheme Authority (NAPSA) | |
| 3 | Madison Finance Company Limited (MFinance) | |
| 4 | Workers' Compensation Fund Control Board of Zambia | |
| | Total | 100.00 |

## Branch network

As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital and Kitwe, in the Copperbelt Province.

## Governance

The chairman of the seven-person board of directors is Charles Sichangwa. The managing director is Ignatius Mwanza.

