Intermarket Bank
Intermarket Bank was a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the national banking regulator.
History
In March 2010, at the direction of the Bank of Zambia, Afriland First Bank Group, based in Yaoundé, Cameroon, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholders in Intermarket Bank retained 20% ownership. Afriland also took 80% shareholding in Intermarket Securities, which is 100% owned by Intermarket Bank. The new majority owners will keep the Intermarket brand until 2013 when they will switch to the Afriland brand. with liabilities in excess of the assets, it became potentially difficult for the bank to honour its financial obligations.Ownership
, the bank's stock was owned by the following corporate entities:Rank | Name of Owner | Percentage Ownership |
1 | Afriland First Bank of Cameroon | 80.00 |
2 | of United Kingdom | 20.00 |
Total | 100.00 | - |
Branch network
The bank maintained headquarters in Lusaka, Zambia's capital and largest city. The bank had the following branches:- Lusaka Main Branch - Lusaka
- Manda Hill Branch - Manda Hill Shopping Mall, Lusaka
- New Soweto Branch - New Soweto, Lusaka
- NIPA Agency Branch - Lusaka
- Kamwala Branch - Kamwala
- Chawama Branch - Chawama
- Kitwe Branch - Kitwe
Governance
Closure
In 2016, the Bank of Zambia seized and closed Intermarket Bank on account of being insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure the collapsed bank, to enable it to re-open.After reaching agreements with the shareholders of the collapsed bank, the restructured bank was opened, with new shareholders and under new management, on 23 October 2018.The restructured bank was named Zambia Industrial Commercial Bank.