South Africa's FirstRand to run Zambia's Finance Bank
Zambia's central bank has appointed South Africa's FirstRand (FSRJ.J) to run a key commercial bank facing collapse due to poor management, a central bank spokesman said today.
Kanguya Mayondi said the central bank took over the operations of Zambia's Finance Bank on yesterday because its viability was threatened by bad practices by shareholders, directors and management.
"In order to ensure a smooth possession period, the central bank has appointed its agents, seconded staff from FirstRand group to manage the operations of Finance Bank," Mayondi said.
"This measure was necessary in order to protect the interests of depositors and other creditors of the bank, and ensure the stability of the banking sector in Zambia."
FirstRand is South Africa's second-largest bank.
Mayondi said FirstRand staff will be deployed across all branches of Finance Bank, one of the largest banks by network in Zambia.
The central bank would ensure that Finance Bank continued to run normally and had appointed a new interim chief executive officer, Mayondi said said.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassing leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Israel-Gaza crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
£35000 Per Annum: The Green Recruitment Company: The Green Recruitment Company...
£40000 - £60000 per annum + Excellent benefits: Deerfoot IT Resources Limited:...
£47000 per annum + Excellent benefits: Deerfoot IT Resources Limited: Key skil...
£110 - £120 per annum + TBA: Randstad Education Reading: KS1 Teacher needed fo...