Maravi

Chikolwa optimistic over rising copper prices

Chikolwa optimistic over rising copper prices
Written by Mutuna Chanda in Chingola
Wednesday, August 12, 2009 7:17:19 PM

STANBIC Bank managing director Joseph Chikolwa has expressed hope that rising copper prices on the international market will remain sustainable.

In an interview after the official opening of a new Stanbic Bank branch in Chingola on Tuesday, Chikolwa said higher copper prices meant more foreign currency for the bank and good fortunes for its clients, some of whom supplied to the mines.

“I just hope that the (high copper) price is going to be sustainable,” Chikolwa said. ìIt looks like it has rebounded and is moving in the right direction. What is important is that it remains stable-not fluctuating- for the purposes of planning.”

And speaking during the opening of the branch, Chikolwa said Stanbic Bank was very inspired by the recent upward movement in copper prices.

He appealed to the bankís customers in the mining industry to continue looking to it as an all-weather friend.

“At a time when we should have been downsizing we are expanding our presence here,” he said. “Recently we were laying the foundation stone for our new headquarters in Lusaka. All this only goes to practically demonstrate our confidence in our economy and our determination to ensure that when the situation is fully back to normal we will be here ready to attend to your needs.”

He said the new Chingola branch cost the bank about K3 billion to set up.

Chikolwa also donated 20 Stanbic branded waste bins to the Chingola Municipal Council.

And officiating at the ceremony, Chingola mayor Simon Chanda said he, among other ëcity fathers, felt greatly inspired to witness the expansion of existing banks and the return of financial institutions that had previously closed.

He said such were very positive indicators of the confidence that business houses had in the economy and Chingola in particular.

Chanda also lauded Stanbic Bank for donating 20 bins which had been placed in various parts of Chingola.

The new Stanbic branch in Chingola is an addition to its old Kwacha Road branch which has been converted into an agency to be manned by two cashiers and one customer consultant.

Labels: COPPER, JOSEPH CHIKOLWA, STANBIC

posted by MrK @ 6:14 PM