Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most cent ...

. 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 A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

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 In geography, latitude is a coordinate that specifies the north– south position of a point on the surface of the Earth or another celestial body. Latitude is given as an angle that ranges from –90° at the south pole to 90° at the north pol ...

:-15.423611;

Longitude Longitude (, ) is a geographic coordinate that specifies the east– west position of a point on the surface of the Earth, or another celestial body. It is an angular measurement, usually expressed in degrees and denoted by the Greek lette ...

: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 ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

. In 2008, the shares of Zanaco were listed on the

Lusaka Stock Exchange The Lusaka Stock Exchange (abbreviated to LuSE) is the principal stock exchange of Zambia. Founded in 1993, it is located in Lusaka. The LuSE is a member of the African Stock Exchanges Association. As of 14 April 2022, the LuSE has 25 listed compa ...

(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 Rabobank (; full name: ''Coöperatieve Rabobank U.A.'') is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks (2019), a central organisation (Raboban ...

Netherlands Development Finance Company FMO ( nl, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.) is a Dutch development bank structured as a bilateral private-sector international financial institution based in the Hague, the Netherlands. FMO manages funds for th ...

and

Norfund Norfund is a development finance institution established by the Norwegian Storting (parliament) in 1997 and owned by the Norwegian Ministry of Foreign Affairs. The fund receives its investment capital from the state budget. Its head office is loca ...

Branch Network

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

, 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 An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fund ...

, 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 In general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry typically are descri ...

and

urban Urban means "related to a city". In that sense, the term may refer to: * Urban area, geographical area distinct from rural areas * Urban culture, the culture of towns and cities Urban may also refer to: General * Urban (name), a list of people ...

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 A capital city or capital is the municipality holding primary status in a country, state, province, Department (country subdivision), department, or other subnational entity, usually as its seat of the government. A capital is typically a 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