Monday, October 20, 2008

Intermarket embarks on expansion programme

Intermarket embarks on expansion programme
By Chiwoyu Sinyangwe
Monday October 20, 2008 [04:00]

INTERMARKET Banking Corporation (Zambia) has embarked on an expansion programme that will see the bank open more branches and roll out more products following an injection of US $10 million by Sabre Capital Worldwide.

In an interview, managing director Richard Phiri said Sabre Capital Worldwide’s injection into Intermarket Banking Corporation (Zambia) would help strengthen human resource capacity of the bank and also to enable it recruit “suitable people from the market” as part of the expansion programme.

Phiri said Intermarket’s recapitalisation would also enhance the bank’s contribution to corporate social responsibility activities.

“Following the recapitalisation after Sabre Capital Worldwide bought a stake in the bank in June this year, there are a number of activities we were going to undertake with regards to repositioning the bank in the market,” Phiri said.

“The expansion has since commenced and a lot has taken place so far and under this programme, we hope to launch a branch within Lusaka before the end of the year because we have seen there are other markets we can target that we are not reaching at the moment, increasing our places in areas like Copperbelt because of the potential we see in there especially in the area of small to medium entrepreneurs (SMEs).”

Phiri also reiterated the bank’s commitment to design products to suit all sectors of society and also strengthen the bank’s brand and prepare the institution for further growth next year.

“We are targeting SMEs, small corporates, the usual corporates and individuals,” he said.

Phiri also announced that Intermarket Banking Corporation (Zambia) would in the next three weeks roll out Automated Teller Machines (ATMs) that would be connected with Zamswitch, which runs under the code Zamlink, and eventually link the bank’s customer s to use ATM cards on outlets that are on Zamswitch.

Currently, the three banks on Zamlink are Investrust Bank Plc, Finance Bank and First Alliance Bank Zambia branches.

“Our ATMs have already been tested and these three banks put together, we are talking about 53 ATMs country wide and we are already members of Zamswitch,” said Phiri.

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