The Bank of Zambia has announced that it has taken over the running of Investrust Bank Plc because the bank is now insolvent. The action is in line with Section 64 of the Banking and Financial Services Act No. 7 of 2017. In a statement, the Central Bank says the possession of the bank from April 2nd 2024 has been necessitated by its insolvency. “The Bank of Zambia has had numerous engagements with the shareholders to recapitalise the bank. Unfortunately, the shareholders have been unable to resolve the insolvency. Under the circumstances, the Bank of Zambia has had to exercise its authority under the law to safeguard financial stability and the interests of the public,” the statement read. The Bank of Zambia said it is also working with key stakeholders, including the Government, on mechanisms for depositors not to lose any of their money. Read more: Lusaka Times

The Lusaka Securities Exchange (LuSE) has halted trading in the securities of Investrust Bank PLC following the takeover of the bank by the regulator on Tuesday, April 2. “This notice serves to inform the public that trading in the securities of Investrust Bank PLC( ISIN: ZM0000000235) has been halted on all LuSE platforms,” it stated. This is according to a notice posted on LuSE on Wednesday. The notice stated that the halt had been effected in the interest of maintaining an orderly, fair, efficient and transparent market pursuant to section 4:14 of LuSE trading procedures. This is with effect from April 3. It stated that LuSE remained committed to updating the public on any developments in this regard. Read more: Zambia Monitor

Zambia’s economy is estimated to have grown by 5.8 percent in 2023, compared to 5.2 percent the previous year. The above figures are based on the preliminary Gross Domestic Product (GDP) estimates at constant 2010 prices for the year 2023. Statistics showed that information and communication industry had the highest positive contribution at 2.6 percent, while agriculture, forestry and fishing industry negatively impacted GDP growth at -0.6 percent. In giving the estimates on Zambia’s GDP, Zambia Statistical Agency (ZamStats) Acting Statistician General, Chola Daka, told journalists in Lusaka that arts, entertainment and recreation had the highest growth rates at 39.2 percent. Daka said this was followed by information and communication activities at 28.8 percent and accommodation and food service activities at 25.7 percent. She mentioned that industries such as agriculture, forestry and fishing had negative growth posting a -9.1 percent, with mining and quarry at -5.8 percent. Read more: Zambia Monitor

The First National Bank (FNB) Zambia has announced that the Bank has acquired land and will commence construction of a new Head Office Premises in Lusaka, Zambia. FNB which started operating in Zambia on 1 April 2009 has over the years enjoyed significant growth and now has presence across all 10 provinces of Zambia through a network of ATMs and Advanced Deposit Terminals (ADTs), Branches and CashPlus agency banking solutions. Speaking on the new head office plans, FNB Zambia Chief Executive Officer, Kapumpe Chola disclosed that the Bank has acquired a piece of land on Tito Road in Rhodes Park – Lusaka, where it intends to commence construction of the FNB Zambia new Head Office premises within the next months. Read more: Zambian Business Times