Sata urges StanChart to increase lending to agriculture
Sata urges StanChart to increase lending to agricultureBy Staff Reporters
Tue 12 June 2012, 13:24 CAT
PRESIDENT Michael Sata has urged Standard Chartered Bank to increase lending to agriculture and expand its retail banking in Zambia.
President Sata said the small retail depositors and small-scale farmers were under-serviced by the banking sector in Zambia and that this worsened when some big banks like Barclays and Stanchart closed most of their rural branches in the recent years.
President Sata said this when Sir John Peace, the chairman of Standard Chartered Bank Plc called on him in London yesterday.
"We need you to come to rural areas and help finance agriculture. It is the small retail bankers and farmers that generate the money that you lend to big businesses. We would like you to provide leadership in this area because you are a very stable bank," he said.
President Sata urged the bank to take advantage of the attractive liberal incentive structure of the Zambian economy.
"Our economy is liberal and the political situation is stable, very stable...Our economic and political stability provides you an opportunity to invest more," President Sata said.
"When you come to Zambia, my team will organise that we meet and also arrange various other meetings for you. We value and respect your widespread network and influence worldwide in money matters."
In response, Sir John assured President Sata that the bank was 30 per cent retail and focused on expanding operations in that area.
He said Zambia had great opportunities for the bank in the agricultural sector and SMEs sectors.
This is according to a statement issued by President Sata's press aide George Chellah.
The bank's chief executive for the Africa region, Diana Layfied, accompanied the chairman. The Zambian team comprised Minister of Agriculture and Cooperatives Emmanuel Chenda, Zambia's High Commissioner to the United Kingdom, Lt Col Bizwayo Nkunika and officials from the Zambian mission in London.
Labels: AGRICULTURE, MICHAEL SATA, STANCHART
posted by MrK @ 1:55 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home