Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator.[4] In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.[3][5]
 | |
| Company type | Public |
|---|---|
| LUSE:ZANACO | |
| Industry | |
| Founded | January 1, 1969 |
| Headquarters | Lusaka, Zambia |
Key people | Patrick Wanjelani Chairman[1] Mukwandi Chibesakunda Chief Executive Officer[2] |
| Products | Corporate and Investment Banking, Business Banking, Retail Banking, Digital Banking, Private Banking |
 ZMW3.902 billion (US$213.60 million) (2022)[3] | |
| ZMW:1.204 billion (US$65.907 million) (2022)[3] | |
| Total assets | ZMW:35.97 billion (US$1.97 billion) (2022)[3] |
| Total equity | ZMW2.980 billion (US$163.12 million) (2022)[3] |
Number of employees | 1,216 (2022)[3] |
| Website | Homepage |
Location
editThe bank's headquarters and main branch are located in Zanaco House, at the corner of Cairo Road and Chainda Place, in the central business district of Lusaka, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia.[6] The coordinates of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E (Latitude:-15.423611; Longitude:28.283333).[7]
History
editZanaco was founded in 1969 by the Government of Zambia. Prior to 2007, the bank was 100 percent owned by the government. In that year, 49 percent of its shares were sold to the Rabobank Group, a banking company from the Netherlands. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange (LUSE), where they trade under the symbol: (ZANACO). According to the bank's quarterly financial statements as at 30 June 2022, net income was ZMW29.42m.[8] The current shareholding in the bank is detailed under ownership.
Overview
editZanaco is one of the largest financial services providers in Zambia. As of December 2022[update], the bank's total assets were valued at ZMW35.97 billion (US$1.97 billion) with shareholders' equity of ZMW2.980 billion (US$163.12 million).[9] In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax.[9] The achievement was mainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework.[9]
The bank repeated the feat in 2022 when it registered PAT of ZMW1.203 billion after 11% growth in revenue following the implementation of various strategic initiatives such as embedding of sustainability into strategic plans and initiatives, expansion of product offering to match customer needs, improvement of customer touch points to enhance service delivery and expansion of the bank's digital footprint.[9]
In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing.[10]
Awards in 2022
editThe Bank received the following awards in 2022:[3]
- Best Private Bank in Zambia Award, by International Finance Awards
- Best Bank in Zambia Award, by Euromoney
- Best Retail Bank in Zambia, by Global Banking and Finance
- Best Products of the Year for SME, Gender, and Children, at the Inaugural Banking & Finance Awards, by the Zambia Institute of Banking and Financial Services
- Best Banking App Award, by Zambia E-Commerce Awards
- Sustainability Award, Corporate Governance Award, by Lusaka Securities Exchange
- Omni-Channel Excellence Award, by the Chartered Institute of Customer Management
- Bank of the Year Award, by Kitwe and District Chamber of Commerce and Industry
- Best Commercial Exhibit, Best Banking Exhibit, Second Place - Best LuSE Company Exhibit, at the Agricultural Commercial Show
- Best Sponsorship Marketing Excellence of the Year, Most Creative Outdoor Advertisement, by the Zambia Institute of Marketing
Ownership
editAs of December 2022[update], the banks's stock was owned by the following corporate entities and individuals:[3]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Arise BV* | 45.59 |
| 2 | Industrial Development Corporation (IDC) | 25.00 |
| 3 | Public | 19.41 |
| 4 | National Pension Scheme Authority (NAPSA) | 10.00 |
| TOTAL | 100.00 |
∗Arise BV is an investment company co-owned by Rabobank, Netherlands Development Finance Company and Norfund.
Branch Network
editZanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of December 2022[update], the bank had one of the largest distribution networks in the country with 62 branches and agencies and almost 200 automated teller machines, spread across the entire country. In addition, Zanaco has over 21,000 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both rural and urban locales.[3]
Community service
editZanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia.[11]
See also
edit
References
edit- ^ "Notice of change in Directorate". Zanaco Investor. Zambia National Commercial Bank Plc. Retrieved 10 July 2022.
- ^ "(SENS Announcement) ZANACO appoints Mukwandi Chibesakunda as CEO". Financial Insight. Financial Insights of Zambia. Retrieved 10 July 2022.
- ^ a b c d e f g h i "Zambia National Commercial Bank Plc (Zanaco.zm) 2022 Annual Report". Zanaco. Zambia National Commercial Bank Plc. Retrieved 14 June 2023.
- ^ Bank of Zambia (3 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 3 May 2018.
- ^ "FY21, What No Eye Has Seen Nor Ear Heard, Zanaco Plc is Zambia's First K1bn PAT Bank". The Business Telegraph. Retrieved 2 October 2022.
- ^ Zanaco (3 May 2018). "The Headquarters of Zambia National Commercial Bank". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 May 2018.
- ^ "Location of the Headquarters of Zambia National Commercial Bank, 2118–2121 Cairo Road, Lusaka" (Map). Google Maps. Retrieved 3 May 2018.
- ^ "Zambia National Commercial Bank Quarterly Financial Statements for the Quarter ended 30 June 2022". Zanaco. Zambia National Commercial Bank Plc. Retrieved 2 October 2022.
- ^ a b c d Zanaco (31 March 2023). "Zambia National Commercial Bank Annual Report for the Year Ended 31 December 2022". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 10 June 2023.
- ^ "zanaco-plc-secures-50mln-credit-line-with-british-international-investment-company-for-sme-and-climate-finance". The Business Telegraph. 14 October 2022. Archived from the original on 2022-10-14. Retrieved 15 October 2022.
- ^ Sports Reporter (13 May 2017). "Zanaco FC face Al Ahly challenge". Zambia Daily Mail. Lusaka. Retrieved 3 May 2018.