Industry Banking Headquarters Lusaka Type of business Private | Founded 1984 Number of employees 260 | |
Key people Orlean Moyo
Chairperson
Mahesh Bansal
Managing Director Products Loans, credit cards, savings, investments, mortgages Revenue Aftertax:US$7.17 million (ZMK:37.2 billion) (2011) Total assets US$308.6 million (ZMK:1.6 trillion) (Q1:2012) Website www.bankofbaroda.com/zambia.asp | ||
Indo-Zambia Bank (IZB), whose full name is Indo-Zambia Bank Limited, is a commercial bank in Zambia. It is one of the commercial banks licensed by Bank of Zambia, the national banking regulator.
Contents
Overview
IZB is a medium-sized financial services provider in Zambia, providing retail banking services to the communities it serves. As of March 2012, the bank controlled total assets of nearly US$309 million (ZMK:1.6 trillion). At that time, the shareholders' equity in the bank was valued at approximately US$45.4 million (ZMK:235.4 billion).
History
The bank was founded in 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 CSR activities in Zambia.
Ownership
The stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:
Branch network
The bank maintains its headquarters in Lusaka, the capital and largest city in Zambia. As of September 2009, it had a network of sixteen branches in various parts of the country. Between 2009 and 2012, it opened six new branches, to bring the total branch network to twenty.
Governance
Mrs. Orlean Moyo, a Zambian, is the Chairperson of the Board of Directors. Mahesh Bansal, a national of India, serves as the Managing Director.