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 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 central bank and national banking regulator. In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.

Location

The 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 A central business district (CBD) is the commercial and business centre of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides with the "city ...

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 ...

, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia. The

coordinates In geometry, a coordinate system is a system that uses one or more numbers, or coordinates, to uniquely determine the position of the points or other geometric elements on a manifold such as Euclidean space. The order of the coordinates is sig ...

of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E ( Latitude:-15.423611; Longitude:28.283333).

History

Zanaco was founded in 1969 by the

Government of Zambia The politics of Zambia takes place in a framework of a presidential representative democratic republic, whereby the president of Zambia is head of state, head of government and leader of a multi-party system. Executive power is exercised by th ...

. 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. The current shareholding in the bank is detailed under ownership.

Overview

Zanaco is one of the largest financial services provider in Zambia. , the bank's total assets were valued at ZMW26.18 billion (US$1.57 billion) with shareholders'

equity Equity may refer to: Finance, accounting and ownership * Equity (finance), ownership of assets that have liabilities attached to them ** Stock, equity based on original contributions of cash or other value to a business ** Home equity, the dif ...

of ZMW2.145 billion (US$128.76 million). In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax. The achievement was mainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework. In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing.

Awards in 2021

The Bank received recognition from the following international awards: * Euromoney Award as the Best Bank in Zambia 2021 for being an institution that demonstrated resilience and achieved excellent results amid the COVID- 19 pandemic. * Global Finance award as the Best Bank in Zambia 2021. * International Banker Award 2021 for the Best Commercial Bank and Best in Retail innovation. * Citi Performance Excellence Award 2021 for the achievement of the highest rates of Straight-Through Processing (STP). * Global Finance award 2021 for Best Trade Finance Provider.

Ownership

, the banks'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 and individuals: ∗Arise BV is an investment company co-owned by Rabobank, Netherlands Development Finance Company and Norfund.

Branch Network

Zanaco's main branch is located at the bank's

headquarters Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the to ...

, Zambia's capital and largest city. , the bank had one of the largest distribution networks in the country with 61 branches and agencies and almost 200 automated teller machines, spread across the entire country. In addition, Zanaco has over 16,750 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both rural and urban locales.

Community service

Zanaco is the sponsor of

Zanaco FC Zanaco FC is a Zambian football club based in Lusaka that plays in the MTN/FAZ Super Division. They play their home games at Sunset Stadium in Lusaka. Zanaco Football Club was formed in 1978 as a social team by management trainees of Zambia ...

, a football club based in

, the capital city of Zambia.

References

External links

Website of Zambia National Commercial Bank
{{coord, 15, 25, 25, S, 28, 17, 00, E, display=title Banks of Zambia Companies based in Lusaka Banks established in 1969 1969 establishments in Zambia Companies listed on Lusaka Stock Exchange