Indo-Zambia Bank Limited
 | |
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 19 October 1984 |
| Headquarters | Lusaka, Zambia |
Key people | DR. MICHAEL GONDWE Chairperson MR. KOWDICHAR SHASHIDHAR Managing Director |
| Products | Deposits, Loans, Debit cards, Bancassurance, Trade Finance, investments, Credit cards |
| Revenue |  Aftertax:ZMW:604.26 million (US$23.49 million) (2023)[1] |
| Total assets | ZMW:17.78 billion (US$691 million) (Dec:2023)[2] |
Number of employees | 500+ (2023) |
| Website | www |
Indo–Zambia Bank (IZB), whose full name is Indo–Zambia Bank Limited, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[3]
Overview[edit]
Indo Zambia Bank is a leading Banking and financial services provider in Zambia, providing Corporate and retail services, viz Current, Savings and Fixed Deposits, Loans, Investments, Bank Assurance services, Trade Finance and Debit/Credit card, to the communities it serves. As of December 2023, the bank controlled total assets of ZMW:17.78 billion (US$691 million), with shareholders' equity of ZMW:2.28 billion (US$88.64 million).[2]
History[edit]
The bank was founded in on 19 October 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 Corporate Social Responsibility activities in Zambia.
Location[edit]
The headquarters of the bank is located at Indo House, Corporate Head office, Plot no 1213/1214 Corner of Addis Ababa Drive, Great east Road, in the city of Lusaka, the capital city of Zambia, and its largest metropolitan area.[4] The geographical coordinates of the bank's headquarters are: -15.398561,28.3034826 (Latitude:-15.39861; Longitude: 28.3034826).[5]
Ownership[edit]
The stock of Indo-Zambia Bank is held by four investors. The table below shows the ownership percentage of each shareholder:[6]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Government of Zambia | 40.0 |
| 2 | Bank of Baroda | 20.0 |
| 3 | Bank of India | 20.0 |
| 4 | Central Bank of India | 20.0 |
| Total | 100.00 |
Branch network[edit]
The bank maintains its headquarters in Lusaka, the capital and largest city in Zambia. As of December 2023[update], it had a network of thirty-three branches in various parts of the country.[6]
Governance[edit]
DR. MICHAEL GONDWE, a Zambian, is the Chairperson of the Six-person Board of Directors. MR. KOWDICHAR SHASHIDHAR, a national of India, serves as the Managing Director.[7]
See also[edit]
References[edit]
- ^ Indo-Zambia Bank (17 January 2024). "Indo-Zambia Bank: Financial Performance" (PDF). Lusaka: Indo-Zambia Bank Limited. Retrieved 17 January 2024.
- ^ a b "Indo Zambia Bank Financial Performance". IZB. Retrieved 20 January 2024.
- ^ Bank of Zambia (2 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Archived from the original on 21 June 2010. Retrieved 2 May 2018.
- ^ Indo-Zambia Bank (2 May 2018). "The Head Office of Indo-Zambia Bank". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
- ^ Google (17 January 2024). "Location of the Headquarters of Indo-Zambia Bank, Lusaka, Zambia" (Map). Google Maps. Google. Retrieved 17 January 2024.
- ^ a b Indo-Zambia Bank (2 May 2018). "Indo-Zambia Bank: Brief History". Lusaka: Indo-Zambia Bank Limited. Retrieved 2 May 2018.
- ^ Indo-Zambia Bank (17 January 2024). "Indo-Zambia Bank Limited: The Board of Directors". Lusaka: Indo-Zambia Bank Limited. Retrieved 17 January 2024.
External links[edit]
- Website of Indo-Zambia Bank
- Website of Bank of Zambia Archived 21 June 2010 at the Wayback Machine