BoZ starts process of selling Finance bank

The Bank of Zambia has started the process of selling Finance Bank.

Bank of Zambia spokesperson Kanguya Mayondi has stated that the Central Bank will conduct a public hearing on the matter this month.

Mayondi said members of the public and all financial stakeholders will be allowed to make oral and written submissions on the sale of the bank during a public hearing on March 9, 2011. The hearing will be at Mulungushi Conference Centre.

Mayondi said the central bank desires to see that the network of Finance bank is maintained and that that jobs are preserved.

The central bank in December 2010 seized the Finance Bank and tapped FirstRand Ltd. of South Africa to manage the organization after the Zambian institution’s owners were accused of breaching financial services laws.

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