Intermarket Bank was a commercial bank in Zambia. The bank is one of the commercial banks licensed by the

Bank of Zambia The Bank of Zambia (BoZ), is the central bank of Zambia. Overview The principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country. The Bank is active in promoting financ ...

, the national banking regulator.

History

In March 2010, at the direction of the Bank of Zambia, Afriland First Bank Group, based in Yaoundé, Cameroon, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholders in Intermarket Bank retained 20% ownership. Afriland also took 80% shareholding in ''Intermarket Securities'', which is 100% owned by Intermarket Bank. The new majority owners will keep the Intermarket brand until 2013 when they will switch to the Afriland brand. with liabilities in excess of the assets, it became potentially difficult for the bank to honour its financial obligations.

Ownership

, the bank's

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

was owned by the following corporate entities:

Branch network

The bank maintained headquarters in

Lusaka Lusaka (; ) is the Capital city, capital and largest city of Zambia. It is one of the fastest-developing cities in southern Africa. Lusaka is in the southern part of the central plateau at an elevation of about . , the city's population was ab ...

, Zambia's capital and largest city. The bank had the following branches: # Lusaka Main Branch -

# Manda Hill Branch - Manda Hill Shopping Mall,

# New Soweto Branch - New Soweto,

# NIPA Agency Branch -

# Kamwala Branch - Kamwala # Chawama Branch - Chawama # Kitwe Branch -

Kitwe Kitwe is the third largest city in terms of infrastructure development (after Lusaka and Ndola) and second largest city in terms of size and population (after Lusaka) in Zambia. With a population of 517,543 (''2010 census provisional'') Kitwe is ...

Governance

Joseph Toubi served as Afriland First Bank Group's Executive Vice President since 2008. He has been in the banking sector since 1989. After implementing the Organization Department and the Department in charge of Overheads management in Société Générale de Banques au Cameroun, Joseph Toubi joined Afriland First Bank Cameroon as an Internal Auditor in 1997. He was Advisor to the

Chairman The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

of Afriland First Group for 9 years before becoming the Group Executive Vice President in charge of Business Development and International Relations. He was also the

of the Board of Afriland First Bank in the Democratic Republic of Congo and

of the Board of Intermarket Banking Corporation. He was part of the team of four experts set up by the

Cameroonian Government The Republic of Cameroon is a decentralized unitary state. State power In the Republic of Cameroon, the President of the Republic and the Parliament exercise 'State power' as per Article 4 of the constitution of Cameroon. Executive power 'Execut ...

to implement the Douala Stock Exchange in 2002. Robert Nkous served as the Managing Director of Intermarket Banking Corporation, since January 2012.

Closure

In 2016, the

seized and closed Intermarket Bank on account of being insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure the collapsed bank, to enable it to re-open. After reaching agreements with the shareholders of the collapsed bank, the restructured bank was opened, with new shareholders and under new management, on 23 October 2018.The restructured bank was named

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 to ...

External links

Website of Bank of Zambia

Website of Afriland First Bank

References

{{Economy of Zambia Banks of Zambia Companies based in Lusaka