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Fundanga challenges banks to support economic growth, development

Fundanga challenges banks to support economic growth, development
Written by Florence Bupe
Saturday, July 11, 2009 3:23:54 PM

BANK of Zambia (BoZ) governor Dr Caleb Fundanga has challenged banks to come up with initiatives that support Zambia’s economic growth and development. And Standard Bank Group deputy chief executive officer Ben Kruger said he is impressed with Zambia’s economic resilience.

Officiating at the Stanbic Bank foundation stone laying ceremony for the bank’s headquarters on Addis Ababa Road in Lusaka, Friday, Dr Fundanga said it was imperative for banks to formulate and implement programmes that would support the growth of the economy, considering that the country was going through economic turmoil.

“This investment is being made at a time when the Zambian economy is facing some major challenges arising from the spill over effects of the global economic crisis,” he said.

Dr Fundanga further called for increased competition in the banking sector in order to improve service delivery.

“This investment has come at a time when new banks are entering the Zambian market. It has always been the view of the Bank of Zambia that competition is the major way by which the quality of products and customer services for the banking public and competitive pricing of banking products can be achieved,” said Dr Fundanga.

And Kruger said Zambia was an important country in the operations of Standard Bank Group, which trades as Stanbic Bank in Zambia, because of its economic resilience.

“We have kept a keen eye on it (Zambia) and are impressed by its economic resilience over the years and we hope that the investment we are making is a testimony of our confidence,” said Kruger.

Farmer’s House managing director Robin Miller, who represented the construction company Burnet Investments Limited, disclosed that the project cost was estimated at US $9.5 million, and that construction works started in February this year.

Labels: BANKING, BEN KRUGER, CALEB FUNDANGA, STANBIC

posted by MrK @ 2:26 PM