Ecobank, FNB to open branches in Zambia
Ecobank, FNB to open branches in ZambiaWritten by Chiwoyu Sinyangwe
Thursday, January 01, 2009 8:06:03 AM
ECOBANK Plc and South African-basedFirst National Bank (FNB) are set to open a branch in Zambia. First National Bank has already been issued with a licence by the Bank of Zambia (BoZ).
According to market sources, Ecobank Plc, a pan African bank, had decided to open branch franchise in the country and that recruitment of staff had commenced.
And the Zambia Development Agency (ZDA) could neither deny nor confirm the coming of Ecobank to the Zambian market.
“It is still in the initial stages, nothing concrete or firm. Until then, I can’t speak about it nor confirm,” stated ZDA communications manager Margaret Chimanse when asked on the expected coming establishment of Ecobank in Zambia.
And BoZ governor Dr Caleb Fundaga disclosed that the Central Bank had issued South Africa’s retail bank FNB a licence to open branches in Zambia, after Nigeria’s Access Bank which started its operations this year.
“It’s a good thing that FNB is coming because it is a very big and credible bank. They are coming with more than the required initial capital (K12 billion, approximately US $2.43 million),” said Dr Fundanga.
And Zambia is next year expected to get credit rating after the 2009 budget as the country’s financial advisors J. P. Morgan had already done the bulk of work required for the credit rating. This means that foreign investors will then understand and appreciate the actual levels of risk associated with the cost of doing business in the country.
Labels: BANKING, ECOBANK, FIRST NATIONAL BANK
posted by MrK @ 8:07 AM
8 Comments:
In Nigeria where Access Bank originates the initial capital for opening a bank is $250m. If you have $500 000 0r more I would advise you not to do any business with Access bank. It just doesnt make sense.
How soon before we see Ecobank start its operations in Zambia? Does anyone know if these guys have started recruiting?
ECO bank started its recuitment of graduates in Zambia in December. They have not started work yet. Its doors open in April
Is the recruitment still ongoing? Is it too late to apply and where? Please HELP! I can't recall seeing any adverts by them.
Ecobank PLC deserves to be at that place, the so called Chiluba Democracy of Institute.
It looks to be more serious than Access Bank
WELLDONE ECOBANK- WELLCOME TO ZAMBIA AND CREATE AMORE JOBS.
BUT NO CORRUPTION!!!!!!!!!!!!!!!!!!!!!!!
when are you opening in zambia in particular lusaka?
i think eco bank is a good bank, i have been folowing there activities and personally i believe in businesses that give back to the community and invest in the future, i dont konw how many of you watch reality shows but eco bank co sponsored idols east africa wrer africa's talent was brought to light, some of the banks we have around do no such things all they do is make profits for themselves... SO ECO BANK WELCOME TO ZAMBIA!!!!!
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