JOIN DRIVERN TAXI AS PARTNER DRIVER TODAY!
Stanbic Bank Zambia says it remains committed to participating in Zambia’s financial sector whose business climate has noticeably improved in the past decade.
Stanbic Bank Marketing and Communications Manager Mirriam Mwale said the Bank is proud of its participation in the Zambian economy as it believes that a functional financial market is a pre-requisite for economic advancement across the country.
ZANIS Business reports that the Bank’s Communication manager said this in response to a press query in Lusaka, today.
Ms Mwale stated that Zambia’s business environment has improved markedly in the past decade averaging a growth rate of 6.2 percent over the last three years.
She expressed confidence that her bank will continue to excel and improve its operations in Zambia, especially that the bank was the first in Zambia to meet the minimum capital requirement with a capital injection of more than K220 million (K220 billion old currency).
“With this economic growth, Stanbic Bank is confident and committed to its operations in Zambia by being the first Bank in Zambia to meet the minimum capital requirement with a capital injection of K223 billion, thereby increasing our capital to 98% of the minimum requirement by June 2012, six months before the original deadline of December 31 2012,” she said.
In January last year, 2012, the Bank of Zambia (BoZ) through the CB circular No 02/2012 announced a revised minimum capital requirement for commercial banks of K104 million (K104 billion old currency) and K520 million (K520 billion old currency) for local and foreign owned banks respectively.
Commercial banks that did not meet this revised minimum requirement were given up to 31st December 2012 to progressively build up their primary capital required and to submit recapitalization plans to the bank of Zambia stating how they intended to meet the minimum requirement .
By 31st December 2012, it was reported that only three banks (two foreign owned and one locally owned bank) had exceeded the minimum primary capital requirement.
The Central Bank has thus further extended the deadline to 31st December this year 2013. This was to allow the banks mobilize additional capital funds.
