HICHILEMA FIRES ZCIB CEO FOR BEING TOO CLOSE TO ARCHBISHOP ALICK BANDA

HICHILEMA FIRES ZCIB CEO FOR BEING TOO CLOSE TO ARCHBISHOP ALICK BANDA

The IDC has removed Ignatius Mwanza as the Chief Executive Officer at Zambia Industrial Commercial Bank (ZCIB).

Mwanza is a devout catholic and sits on many fundraising ventures for the church including the Adrian Mungandu Boys Secondary/College and St.Ignatius Secondary School (formerly Leopards Hill Jesuit Secondary School).

By virtual of his community service to the Church Mwanza has been active to support initiatives of the Archbishop of Lusaka. This attracted wrath from State House because of his proximity to Archbishop Alick Banda who the UPND has labelled “Lucifer of Zambia” and has refused to apoligise for it.

A short Memo was written to the staff that a “Lozi” had been appointed as Mwanza’s replacement.

The bank’s major shareholders are Industrial Development Corporation (IDC), National Pensions Authority (NAPSA), Madison Financial Service Plc and Workers Compensation Fund Control Board.

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.

Mwanza, a career banker banker of many years with broad experience in corporate, retail, investment banking and coprorate ventures was picked to pioneer leadership of the new bank.

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