Zambia has a sound human resource - Afriland Bank Group
Zambia has a sound human resource - Afriland Bank GroupBy Mutale Kapekele and Chiwoyu Sinyangwe
Tue 16 Mar. 2010, 04:01 CAT
Outgoing Intermarket Bank managing director Subhrendu Chatterji introducing newly appointed board chairman Joseph Toubi and incoming managing director Ackim Sinkala during a press briefing in Lusaka last week. AFRILAND Bank Group, the new owners of Intermarket Bank, has said Zambia is a strategic partner for the group because it has a sound human resource.
And the Bank of Zambia (BoZ) has said the impending ABSA’s acquisition of Cavmont Capital Bank Limited will not affect the operations of Cavmont Capital Bank Limited as it is merely a change in shareholding structure at holding company level.
Afriland is the third largest west African banking group and it joins Ecobank from Togo and Access Bank of Nigerian roots on the Zambian market in 12 months.
In an interview after signing an agreement which saw the group acquire 80 per cent shares of Intermarket Bank from Sabre Capital, the bank’s sole shareholder until that day, vice-president Joseph Toubi said Zambia was potentially the richest country on the continent.
“Potentially Zambia is one of the richest countries in Africa with sound human capital. A population below 35, who are well educated,” Toubi said. “The human resource is one of the greatest assets this country has and who wouldn’t like to get here? To top it all you have tourism development potential that is immense.”
He said his group had arrived at the decision to acquire shares in Intermarket Bank because of similar visions.
“Intermarket Bank’s positioning on the market is similar to that of Afriland whose original core business is financing Small and Medium Enterprises SMEs,” he said. “This will be continued. The core business will be developed as well as other corporate institutional banking.”
Toubi also said the group would bring in new products and models to help rural areas with support from the group’s partners.
He said Afriland had a wide range of business lines which included, rural banking, leasing and factoring activities, capital markets, asset managements, real estate, private equity, among other things.
Toubi announced that Intermarket would maintain its brand and name for an interim period of three years after which it would be changed to suit the group’s global brand.
He said Intermarket would expand into the Copperbelt because of the area’s proximity with Congo DR, where expansion programs into that country’s Katanga Province were underway.
“We are already in the DRC and we are moving into Katanga Province which is near Zambia and which would be better supported from here,” Toubi said. “This move of expansion will see the flow of business with the Copperbelt increasing.”
He said if the Zambian market proved favourable and profitable, the bank would increase the number of employees.
“For the current employees to remain, they will have to prove their hard work and zeal to achieve results,” Toubi said. “Afriland has a set of norms that all employees should religiously follow, if they do that all will be well.”
In future, Toubi said the group would like to maintain the trend of high profitability for its existing entities and to succeed in materialising as many opportunities of geographical expansion as possible.
And Sabre Capital managing director, Subrendu Chatterji said even though he had resigned as Intermarket managing director, he would continue sitting on the bank’s board to represent his organization, which had retained 20 per cent shares in the bank.
Chatterji said Afriland was a good strategic fit for Intermarket Bank as it had similar market targets and products.
“We share a vision and we will continue working together,” Chaterji said.
He said the transfer of 80 per cent Intermarket Bank shares from Sabre Capital to Afriland was in honour of a deadline to reduce shareholding given by BoZ, which in February approved the transaction conclusion for the sale.
He announced that Ackim Sinkala was the new acting managing director for the bank.
Afriland group comprises four banks with full licenses in Cameroon, DRC, Congo, São Tomé e Príncipe and Equatorial Guinea.
The group also has five banks under licensing process in Belgium, Angola, Liberia, Chad and Benin.
The group specialises in micro rural banks in villages and it also has packages for women in business.
Their aim is to support government initiatives to create wealth among the poor.
In West Africa Afriland, which was born in 1987, is known as the first privately owned and private sector oriented bank.
Afriland founder, who is the chief executive officer and chairman, Dr Paul Fokam started the bank with a single branch in Yaounde, Cameroon in 1988 and has seen it expand its branches to 13 in that country and subsidiary banks throughout the continent.
Toubi said Afriland in its aim of becoming a world class financial institution will partner with key institutions to reinforce the global organisation of the group.
He said the bank group would also aim at creating a solid financial banking system to support growth and operations throughout Africa.
Toubi said the immediate business plans of the group was to strengthen and expand national, regional and international coverage through the creation of subsidiaries and partnerships in Zambia, Angola, Liberia, Benin, Kenya, South Africa, Uganda and others.
Toubi said the group would implement state of the art information technology infrastructure to support its business strategy of internet, SMS and phone banking in the countries it operates.
And head of public relations Kanguya Mayondi announced that BoZ was aware of the cautionary announcement by Cavmont Capital Holdings Zambia Plc to the effect that CIH had reached a non-binding agreement with ABSA to acquire a controlling interest in CIH.
“It is our considered view that this transaction will not affect the operations of Cavmont Capital Bank Limited as it is merely a change in shareholding structure at holding company level,” Mayondi said in response to a press query.
“In the event the non-binding agreement between ABSA and CIH necessitates any changes at Cavmont Capital Bank Limited, the shareholders are required to seek the approval of the Bank of Zambia before any change could be effected.”
Mayondi said BoZ was unable to provide information on the current shareholding structure of Cavmont Capital Holdings Zambia Plc as it was a preserve of the Lusaka Stock Exchange and the Securities and Exchange Commission since the company was publicly listed.
“…Cavmont Capital Holdings Zambia Plc is not directly involved in the business of banking, and therefore has no market share,” said Mayondi.
Labels: ACKIM SINKALA, AFRILAND BANK GROUP, BANKING, BOZ, CAVMONT CAPITAL GROUP, LABOUR, SUBRENHU CHATTERJI
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