BoZ takes over Finance Bank, assures customers

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BoZ takes over Finance Bank, assures customersBy ENOCK NGOMATHE Bank of Zambia (BoZ) has with immediate effect taken possession of Finance Bank Zambia Limited and has appointed a new management team to run the affairs of the bank, Governor Caleb Fundanga has said.BoZ has assured customers that Finance Bank’s normal banking operations would continue and all branches of the bank would open for business on Monday December 13, 2010.At a Press briefing at BoZ in Lusaka yesterday, Dr Fundanga said the takeover effected at 16:00 hrs yesterday, was with the full approval of the BoZ directors based on the inspection findings at Finance Bank and in a bid to protect the interests of depositors and other creditors of the bank, and to ensure stability of the banking sector in Zambia.”The grounds for taking possession are, furthermore, in line with Section 81.

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