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Government sets up new bank to spur industrialisation

Government has established a bank aimed at giving impetus to the government's industrialisation agenda, an agency that spearheads the government's commercial investment agenda has said.

The Industrial Development Corporation (IDC) said the setting up of the Zambia Industrial Commercial Bank Limited was one of its new projects aimed at giving impetus to the government's industrialisation agenda.

The new bank is expected to open its doors to the public before the end of the third quarter of this year, it added in a statement.

"The bank, which has been created with a vision of fostering economic development by promoting the industrialisation and commercialisation of Zambian businesses, is currently in the process of implementing a new core-banking system, and will open to the general public before the end of the third quarter of 2018," the statement said.

The Managing Director of Zambia Industrial Commercial Bank is Mr. Ignatius Mwanza, a seasoned banker with several years of experience.

Prior to the appointment at ZIBC, Mr. Mwanza previously worked as a Director Corporate Banking at ZANACO, Head of Investment Banking at Stanbic Zambia Limited, Head of Treasury at Standard Chartered Bank Zambia Limited, Manager Corporate Banking at Standard Chartered Bank (UK) Limited, and Senior Manager (Bureau De Change) at the Bank of Zambia.

The Government last year successfully restructured and appointed management for the former Intermarket Banking Cooperation, now Zambia Industrial Commercial Bank.

The Industrial Development Corporation was incorporated in January 2014 and is mandated to spearhead government's industrialisation and commercial investments agenda.