Indo–Zambia Bank (IZB), whose full name is Indo–Zambia Bank Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[3]
 | |
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 19 October 1984 |
| Headquarters | Lusaka, Zambia |
Key people | DR. MICHAEL GONDWE Chairperson MR. KOWDICHAR SHASHIDHAR Managing Director |
| Products | Deposits, Loans, Debit cards, Bancassurance, Trade Finance, investments, Credit cards |
| Revenue |  Aftertax:ZMW:604.26 million (US$23.49 million) (2023)[1] |
| Total assets | ZMW:17.78 billion (US$691 million) (Dec:2023)[2] |
Number of employees | 500+ (2023) |
| Website | www |
Overview
editIndo Zambia Bank is a leading Banking and financial services provider in Zambia, providing Corporate and retail services, viz Current, Savings and Fixed Deposits, Loans, Investments, Bank Assurance services, Trade Finance and Debit/Credit card, to the communities it serves. As of December 2023, the bank controlled total assets of ZMW:17.78 billion (US$691 million), with shareholders' equity of ZMW:2.28 billion (US$88.64 million).[2]
History
editThe bank was founded in on 19 October 1984 by the Government of Zambia, and three state owned Indian banks: (a) Bank of Baroda (b) Bank of India and (c) Central Bank of India. Indo-Zambia Bank is a significant employer in the communities that it serves and is an active participant in Corporate Social Responsibility activities in Zambia.
Location
editThe headquarters of the bank is located at Indo House, Corporate Head office, Plot no 1213/1214 Corner of Addis Ababa Drive, Great east Road, in the city of Lusaka, the capital city of Zambia, and its largest metropolitan area.[4] The geographical coordinates of the bank's headquarters are: -15.398561,28.3034826 (Latitude:-15.39861; Longitude: 28.3034826).[5]
Ownership
editThe stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:[6]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Government of Zambia | 40.0 |
| 2 | Bank of Baroda | 20.0 |
| 3 | Bank of India | 20.0 |
| 4 | Central Bank of India | 20.0 |
| Total | 100.00 |
Branch network
editThe bank maintains its headquarters in Lusaka, the capital and largest city in Zambia. As of December 2023[update], it had a network of thirty-three branches in various parts of the country.[6]
Governance
editDR. MICHAEL GONDWE, a Zambian, is the Chairperson of the Six-person Board of Directors. MR. KOWDICHAR SHASHIDHAR, a national of India, serves as the Managing Director.[7]
See also
edit
References
edit- ^ Indo-Zambia Bank (17 January 2024). "Indo-Zambia Bank: Financial Performance" (PDF). Lusaka: Indo-Zambia Bank Limited. Retrieved 17 January 2024.
- ^ a b "Indo Zambia Bank Financial Performance". IZB. Retrieved 20 January 2024.
- ^ Bank of Zambia (2 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Archived from the original on 21 June 2010. Retrieved 2 May 2018.
- ^ Indo-Zambia Bank (2 May 2018). "The Head Office of Indo-Zambia Bank". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
- ^ "Location of the Headquarters of Indo-Zambia Bank, Lusaka, Zambia" (Map). Google Maps. Retrieved 17 January 2024.
- ^ a b Indo-Zambia Bank (2 May 2018). "Indo-Zambia Bank: Brief History". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
- ^ Indo-Zambia Bank (17 January 2024). "Indo-Zambia Bank Limited: The Board of Directors". Lusaka: Indo-Zambia Bank Limited. Retrieved 17 January 2024.
External links
edit- Website of Indo-Zambia Bank
- Website of Bank of Zambia Archived 21 June 2010 at the Wayback Machine