Stanbic urges skills training for youths
By Fridah Nkonde
Wed 17 Apr. 2013, 14:01 CAT
STANBIC Bank has called for equipping of young people with skills to help them properly integrate in society.
Speaking in Lusaka yesterday when the bank hosted students from across the country, head of marketing and communication, Kamiza Chikula, said students needed to have life skills imparted in them in order for them to properly integrate into society.
"Once the youth are equipped with necessary skills, they will be able to relate to the aspirations of the country and contribute positively to its development. Equipping young people should not fall on government's shoulders alone but on the corporate world and community at large. Each student here today comes from a community that has the responsibility of preparing the student for a future role as a leader," Chikula said.
He said investing in the youth, especially those from underprivileged communities, would have a positive effect on social and economic development.
Stanbic Bank has over three years supported Junior Achievement Zambia in its effort to provide guidance and mentorship to students across the country.
The students are usually hosted by the bank for a day of mentoring on careers and life skills as well as an opportunity to get first-hand experience of working life in a cooperate environment.
While in Lusaka, students will visit State House where first lady Dr Christine Kaseba will provide a one-on-one mentorship session to each of the students and present them with certificates of participation.
http://www.postzambia.com/post-read_article.php?articleId=31579
EDUCATION, MICHAEL SATA, CHRISTINE KASEBA,
There would be no Zambia without teachers, says Sata
By Fridah Nkonde
Wed 17 Apr. 2013, 14:01 CAT
PRESIDENT Michael Sata says the importance of teachers in the country cannot be underestimated.
During the junior achievers mentorship programme at State House yesterday, President Sata said there could be no Zambia without teachers, adding that there was need to look after them well.
And President Sata gave a pair of shoes and mathematical sets to each of the 30 junior achievers and also took time to interact and pose for photographs with the elated pupils from all the 10 provinces of Zambia.
Meanwhile, first lady Dr Christine Kaseba encouraged the pupils to work hard at school and also advised the girls not to be distracted by money from sugar daddies.
"Concentrate on your studies and do not be distracted by money that comes from sugar daddies because you will be able to make more money than what you will be given to distract your studies. You need to think beyond, and for you to be able to attain your goals, you need to read and work extra hard because there is no substitute for hard work. Make sure you go to school and listen to you parents, and your teachers. Remember that you are the present and the future for this country. The future of this country rests solely in your hands. Work hard in order for you to take this country further than where we are. We are depending on you to make a difference," Dr Kaseba said.
She said every pupil needed to be guided on the career choices adding that her wish was to see all schools offer career guidance to pupils.
She said pupils in rural areas faced a lot of hardships.
"A lot of them are going through a lot of hardships. Some are staying with their grandparents, some are single orphans and some have parents but they cannot provide for them. My appeal to the Ministry (of Education) is to see how we can put in a fund to help the vulnerable children to be able to complete their secondary school. This group, I am particularly proud to note that we have 20 young girls who are achievers and I need to commend the girls to continue working hard. It's important that girls continue to work hard and be achievers. Having interacted with the children, it is evident that they have gained a lot of insight and I am confident that they will be able to make informed career choices," she said.
Dr Kaseba commended Stanbic Bank Zambia for the support and the money that they had continued to pump into the programme.
Stanbic Bank Zambia chief executive Dennis Kennedy said the mentorship programme was no longer a preserve of families where the young students came from but the responsibility of those that had had opportunities to excel in their respective fields.
Education permanent secretary Dr Patrick Nkanza thanked Dr Kaseba for her efforts in mentoring pupils.
Labels: STANBIC, YOUTHS
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Stannic cuts base lending rates
By Gift Chanda
Tue 27 Mar. 2012, 12:59 CAT
STANBIC Bank Zambia has cut its base lending rates to
11 per cent effective April 15 this year, the company announced yesterday. The move would make the bank with the lowest lending rates in the country.
It said the reduction in the rates from 16 per cent to 11 per cent was in support of the steps taken by both the Bank of Zambia and Ministry of Finance to reduce statutory reserves, cash reserves and the tax rates for banks.
Stanbic, a member of South Africa's Standard Bank Group Ltd, further announced that it would meet the new minimum capital requirement for commercial banks before the June 30, 2012 first deadline.
The government has raised the minimum capital requirement for commercial banks from the current K12 billion to K104 billion for local commercial banks and K520 billion for foreign banks.
The measure to raise minimum capital requirement for banks is intended to mobilise additional resources to enable banks participate more effectively in growing the economy by increasing credit available to the private sector.
The increase in the minimum capital requirement would further, make the banks more resilient to economic shocks.
"As a bank, we are adapting our business and becoming more efficient and also growing our volumes to cope with the much lower base reference rates for kwacha lending," stated managing director Dennis Kennedy.
Kennedy added that Stanbic Bank was a committed long-term investor into Zambia and had taken this positive step as a clear demonstration of its long-term commitment to support the growth initiatives of the Zambian government.
Standard Bank Group Ltd reported a 21 per cent rise in its 2011 profit, helped by a drop in bad debts and its refocus on fast-growing African markets.
Net income climbed to 13.2 billion rand (US$1.7 billion) from 10.8 billion rand a year earlier.
Africa's top lender by assets has been expanding in sub-Saharan countries such as Nigeria, as part of a retooled strategy that led it to exit Russia and Argentina over the last year.
Labels: LENDING RATES, STANBIC
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Stanbic workers question expatriates' huge bonuses
By Ernest Chanda
Mon 26 Mar. 2012, 11:58 CAT
WORKERS at Stanbic Bank Zambia have questioned the huge bonuses paid to expatriate workers at the financial institution. The workers, who sought anonymity, were enraged that some expatriates could get as much as half a billion kwacha when hard-working locals were getting peanuts.
The workers complained that some of the expatriates did not have proper qualifications for the positions they held. And according to documents obtained by The Post, some expatriates received about K500 million in bonuses as of March 19, 2012, while others received about K400 million.
The lowest amount received was about K53 million, while the majority received over K200 million.
And according to a letter from Bank of Zambia acting director Wilson Kalumba dated February 16, 2012, the central bank directed Stanbic Bank managing director Dennis Kennedy not to renew the work permit for Raymond Knott because he did not qualify for the role of head of operations.
This followed Stanbic Bank management's earlier request to have Knott cleared by the central bank.
Kalumba further ordered Kennedy to submit to the central bank a skills development programme for positions held by expatriates at Stanbic Bank Zambia.
"We acknowledge receipt of your letter dated 16th January 2012 in which you are seeking Bank of Zambia clearance to process a work permit for Mr Knott for a period of two years. Kindly be advised that the Bank of Zambia has not granted approval for Stanbic Bank Zambia Limited to renew Mr Knott's work permit on grounds that Mr Knott does not meet the minimum qualifications specified in the job description for the role of head of operations," stated Kalumba.
"Further, you are requested to furnish the Bank of Zambia with a comprehensive skills development programme for positions currently held by expatriates at your bank."
Labels: STANBIC
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Chikolwa opposes $98m expenditure on Society House
By Gift Chanda
Tue 29 Nov. 2011, 08:30 CAT
FORMER Stanbic Bank Zambia managing director Joseph Chikolwa says
the investment of US $98 million into the refurbishment of Society House and Central Arcades was unjustifiable.Appearing before the commission of inquiry on the operations of the Zambia Building Society (ZNBS) yesterday, Chikolwa opposed former ZNBS board chairperson Joyce Nonde-Simukoko who last week justified the US$98 million expenditure on Society House and Central Arcades refurbishment on grounds that ZNBS was losing enough revenues in rentals.
"It is my humble opinion that the investment of US$98 million in the refurbishment of Society House and Central Arcades was not justifiable," Chikolwa submitted.
"It is true that Society House after the unfortunate fire became a non-performing asset for ZNBS. But in normal circumstance this building should have been fully insured against risks including fire in which case the proceeds from the insurance claim should have been used to refurbish the building and bring it back into a performing asset."
Chikolwa wondered if all options were exhausted before the decision to spend US$98 million on the project was taken.
He said in the absence of funds to refurbish the building either from an insurance claim or internal resources, authority to sell the building at market value through an open tender should have been sought.
Chikolwa said the proceeds from the sale would have gone a long way to recapitalise ZNBS.
"Indeed this capital which is locked up in a non-performing asset would be released and utilised presumably in building the mortgage book," he said.
"In other words, the task of financing the refurbishment should have been left to the private sector using private funds. No doubt private investors would have done the refurbishment in line with the market needs. Sometimes you may have to sell the ‘family silver' in order to make a fresh start."
Chikolwa also questioned the financial returns on the investment.
"The market return on property investments of a financial nature similar to the one being undertaken by ZNBS is around 10 per cent annualised. This means that on an investment outlay of US$98 million, ZNBS and partners must expect an annual return of US $9.8 million or monthly revenue of around US $800,000," he said.
"The market rate for rentable commercial space is on average US$15 million per square metre. Therefore, to achieve a monthly income from rent of US $800,000 you need about 50,000 square metres of rentable space."
He explained that excluding the 30,000 square metres car park, the complex is expected to have a 10,000 square metre hotel, 7,000 square office space and 12,000 square metres of shops and restaurants, giving a total of only 29 square rentable space.
"One then wonders therefore how the facility will be able to generate a market return of 10 per cent annualised on a car park and 29,000 square metres," said Chikolwa.
Labels: CORRUPTION, JOSEPH CHIKOLWA, STANBIC
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Sanctions — US freezes Zim funds
Saturday, 05 March 2011 23:48 Top Stories
By Tafadzwa Chiremba
ABOUT
US$2 million realised from sales of local minerals and
deposited locally into a Stanbic Bank account has been
frozen by the United States’ central bank, the
Federal Reserve, on the grounds that the two account holders —
Minerals Marketing Corporation of Zimbabwe (MMCZ) and
Zimbabwe Mining Development Corporation (ZMDC) — are under US sanctions.
Of that money, more than US$1,5 million belonged to MMCZ and about US$300 000 was deposited into the ZMDC account. The money was transferred by the Zimbabwe Chamber of Mines through a Stanbic Bank telegraphic transfer (TT) and wired by the bank to the US.
Stanbic Bank operates a nostro account, maintained by an overseas bank, where bulk transfers are first sent before they reach their local recipients. Through that arrangement, Stanbic Bank instructs its overseas bank to transfer the money to a local bank but that money first goes through the Federal Reserve.
A US government arm, the Office of Foreign Assets Control (Offac), which is used by that government to implement the illegal sanctions on Zimbabwean parastatals, is said to have recommended the freezing of the funds. All payments associated with companies on the illegal sanctions list also risk having their funds frozen.
ZMDC chairman Mr Godwills Masimirembwa confirmed that his company had lost more than US$300 000 in gold sales proceeds.
The Chamber of Mines is said to have transferred the money from Jena and Sabi Gold Mines through its Stanbic Bank’s Samora Machel Branch to ZMDC’s BancABC account.
“Through the US’s Offac, our money was frozen because we are on the sanctions list,” said Mr Masimirembwa.
He said the sanctions were so dire that payments for minerals were difficult to institute directly to ZMDC.
“We get paid normally in US dollars. Our customers cannot pay us directly.
“We need to consistently sell our diamonds. Once the sanctions are removed, the country can realise more than US$85 million per month from that,” he said.
Stanbic Bank legal adviser Mrs Aisha Timba could not comment on the issue yesterday and referred all questions to the financial institution’s managing director, Mr Joshua Tapambwa, who could not be reached for comment.
Other companies on the sanctions list are Agribank, the Industrial Development Corporation of Zimbabwe (IDC), the Infrastructure Development Bank of Zimbabwe (IDBZ) and ZB Bank.
Jongwe Printing and Publishing, M & S Syndicate, Zidco Holdings, the Zimbabwe Iron and Steel Company (Zisco) and Zimre Holdings are also under the illegal sanctions.
The sanctions prohibit US nationals and corporates from doing business with the designated entities or other businesses they may control.-The Sunday Mail
Labels: DIAMONDS, SANCTIONS, STANBIC, ZDERA
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Construction body ranks Zambia’s rates among highest in region
By Fridah Zinyama
Wed 21 Apr. 2010, 04:50 CAT
Stanbic Bank Zambia has embarked on the master piece construction of the the Bank's head quarters along Addisa baba road in Lusaka , The building will be completed in April next year, here contruction is under way-Picture by Collins Phiri
THE National Council for Construction (NCC) has said the cost of construction in Zambia is one of the highest in the region.
According to NCC executive director Dr Sylvester Mashamba, it has been realised that the construction industry
rates keep rising and compared to the region, Zambia has been the highest so far.
“It is understandable for rates to rise as certain costs such as fuel and other inputs that go into construction works rise, but the rise in the costs has been too drastic for the Zambian industry,” he said.
Dr Mashamba said the other factors that may cause the increase in unit rates could be attributed to the absence of the competition for jobs, in that there were few contractors who may carry out a particular job that has been put out to tender.
“In Zambia the rise in unit rates in the last three to four years could have been attributed to the following factors, increase in fuel costs, banning of 42 contractors, banning of advance payments and shortage of cement,” he said.
To this end, the council is undertaking a study on construction unit rates in the Zambian construction industry to empirically establish the key factors that go into the ever increasing construction unit costs in this country by comparing these with those within the region like Zimbabwe, Botswana, Tanzania and South Africa.
Dr Mashamba said after the study, a model for construction unit rates analysis would be put in place to analyse such issues.
Labels: CONSTRUCTION, INFLATION, NCC, STANBIC, SYLVESTER MASHAMBA
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COMMENT - A question the government should be asking the banks - what would it take for you to reduce lending rates to 5%? The answer should be interesting.
Govt calls on commercial banks to further reduce lending rates
By Fridah Zinyama
Wed 03 Feb. 2010, 04:00 CAT
GOVERNMENT has called on commercial banks in the country to further reduce their lending rates in order to make finances available to the productive sectors of the economy.
And Stanbic Bank managing director Joseph Chikolwa said the agriculture sector needs tailor-made products which are going to help to improve agriculture production in the country.
During the launch of Stanbic Bank’s agricultural banking yesterday, agriculture minister Peter Daka said interest rates had continued to be high in the country, a situation that had made it difficult for productive sectors like agriculture to grow.
“Investing in agriculture is very crucial as it will help farmers growing different types of crops to increase their production,” he said. “Most importantly, it will help the country meet its food requirements and have enough remain to export to neighbouring countries.”
Daka said the agriculture sector needs all the support that it can get from the banking community in order to grow.
“We are aware of the challenges that farmers are experiencing in accessing loans and we are happy that Stanbic Bank has come up with a product that will help to meet the needs of its clients,” he said.
He added that farmers had for a long time been crying for affordable long-term financing which would allow them to improve their production, makes profits and pay back the loans.
And Chikolwa hoped that the product which the bank had introduced ‘agriculture banking’ would help to meet government’s objective of diversifying the economy from mining to agriculture.
Meanwhile Standard Bank head of agriculture Jack Taylor said the bank had decided to introduce agriculture banking because Africa still had the potential to improve and meet the projected food shortage that the world was about to experience in the near future.
“Africa has the land and good weather to grow enough food for its own requirements and international markets as well,” he said. “Supply side growth is perceived to be insufficient hence the need to meet the projected food shortage in the near future.”
Labels: LENDING RATES, PETER DAKA, STANBIC
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Stanbic Bank boss survives arrest over defying Kagina
By Monitor Reporter
Posted Thursday, January 14 2010 at 00:00
Stanbic Bank’s managing director yesterday narrowly survived arrest over failure to remit Shs2.5 billion to the Uganda Revenue Authority from the account of the power company Jacobsen Power Plant.
Mr Philip Odera was due to record a statement at the police but URA sources yesterday said the bank moved fast and remitted the money to the tax body.
The seven days that the tax body had given the bank to remit the money, owed by the power company in tax arrears since 2008, expired on January 12 and Ms Allen Kagina, the URA boss, had wanted Mr Odera to be held personally liable in accordance with the laws.
“In the circumstances of the bank’s failure to comply with the requirements of the agency notice, prosecution proceedings under the offence provisions of the VAT Act must be commenced,” Ms Kagina wrote in a letter to Mr Odera, which Daily Monitor has seen.
Mr Daniel Nsibambi, the bank’s director of communications, declined to comment, citing confidentiality rules. URA was bitter that an agency notice and a Commercial Court order to Stanbic instructing the bank to remit Shs17.6 billion from Jacobsen’s account were ignored.
Agency notice
An agency notice is a document URA sends to the bankers of a company with tax liabilities; instructing it to remit the money on the account to the tax body until the tax obligations are cleared in full.
The Norwegian power company operates a thermal power plant at Namanve near Kampala. The tax row between URA and the power company has been going on since June 2008 when the tax body tabled a Shs14b tax bill in VAT.
Though it initially claimed that it was tax exempt, the Norwegian company finally bulged and accepted to pay Shs14 billion but not the interest of Shs2.5b, which has accumulated since June 2008.
The power company subsequently took the matter to the Commercial Court, which ruled in URA’s favour, forcing Jacobsen to pay Shs14.37 billion.
The tax body issued an agency notice to recover the Shs2.5b interest, which the bank did not comply with. URA wanted the bank’s chief to be held personally liable for the “non-compliance.” He could have faced several months in jail on conviction.
Labels: STANBIC, TAXATION, UGANDA, UGANDA REVENUE AUTHORITY
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Heist sucks in RBZ official
By Freeman Razemba
A bank accountant and an ex-policeman were among six armed robbers who raided Stanbic Bank’s Chegutu branch on Tuesday morning and made off with US$266 000, R150 000 and P34 690, police have said.
The robbery, in which the branch’s assistant manager was shot and injured, has also sucked in a Reserve Bank of Zimbabwe employee, who is now suspect number seven. Sources close to the investigations yesterday said the central bank employee assisted the suspects with transport in Harare a few hours after the robbery.
Detectives tracked him down to Mutare where he was believed to have gone into hiding and they were by last night still looking for him. The central bank employee is an ex-policeman and is believed to have been living in Chitungwiza. He is also being implicated in the recent Chitungwiza CBZ Bank robbery.
The accountant, Jotamu Gonese, and Akim Matare, an ex-cop, were arrested on Tuesday night following a manhunt by detectives. Police are not disclosing the accountant’s employers for fear of prejudicing investigations.
Police have recovered more than US$50 000 from the suspects but the exact amount could not be ascertained by yesterday.
The six men are believed to be part of the gang that recently hit CBZ Bank’s Chitungwiza branch and got away with cellphones, but failed to get cash.
The gang, which used two getaway cars — an Isuzu KB twin-cab and a Peugeot 406 — in Chegutu also looted cash, cellphones and other valuables from clients in the banking hall.
Deputy chief police spokesperson Chief Superintendent Oliver Mandipaka yesterday said three of the suspects were Zimbabweans, while the other three were South African.
"We have since established the names of the South Africans and the Zimbabwean still at large.
"Investigations have so far revealed that the South Africans were brought into the country by the Zimbabweans who normally reside in South Africa," he said.
He said investigations have revealed that the gang had been staying at a house in Unit H, Seke, Chitungwiza.
The four are suspected to have fled to South Africa on Tuesday evening through an illegal exit point near Beitbridge Border Post.
Police have since recovered the Isuzu KB twincab and the Peugeot 406.
The Isuzu KB is registered in Gonese’s name, while the Peugeot 406 belongs to the Zimbabwean who fled.
Gonese was the first suspect to be arrested in the city following a Central Vehicle Registry check of the Isuzu KB.
He reportedly implicated Matare, of Norton, who was still in possession of the Isuzu KB.
Matare was arrested near a hotel after falling into a police trap. He had US$38 000 in the vehicle, believed to be part of the share for the accountant.
Matare also led police to recover part of the spoils.
After the two were questioned, they implicated the other four accomplices and police tried to track them.
They discovered that one of the suspects had driven to Beitbridge in the Peugeot 406.
He was reportedly clad in a white robe normally worn by members of the Apostolic sect to hoodwink police manning roadblocks along the Harare-Beitbridge Road.
But on Wednesday night, detectives arrested his younger brother in the Beatrice area after he was spotted driving the vehicle back from Beitbridge.
He was yesterday still assisting police with investigations.
Police suspect that the three South Africans boarded a bus back to their country and are believed to have crossed at illegal entry points with their loot.
"The trend where local criminals connive with other criminals outside our borders is so disturbing, but as police, we commit ourselves to crack through these criminals and make sure that justice is done," said Chief Supt Mandipaka.
He urged the public to assist police with information leading to the arrest of any criminals.
"As we also move towards the 2010 Fifa World Cup, these criminals will wreak havoc within our borders and as these cases are being committed, there is need for a swift reaction," said Chief Supt Mandipaka.
This, he said, could only be achieved if police had high-powered vehicles and adequate resources to curb such activities.
Labels: POLICE, POLICE CORRUPTION, RBZ, ROBBERS, STANBIC
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US$270 000 bank heist
Herald Reporters
Six armed robbers yesterday morning hit Stanbic Bank’s Chegutu branch, shot and injured an assistant branch manager before fleeing with hundreds of thousands of US dollars, rands and pulas. The gang made off with US$266 000, 150 000 rand and 34 690 pula in two getaway cars — an Isuzu KB twin-cab truck and a Peugeot 406 — both metallic silver in colour.
The robbers also reportedly looted cash, cellphones and other valuables from clients who were in the banking hall.
Police Officer Commanding Kadoma-Chegutu District Chief Superintendent Kubvoruno Machina confirmed the robbery yesterday, adding that investigations were in progress.
"An assistant branch manager has been shot. He has been taken to hospital and police are on the ground in Chegutu investigating the matter.
"No arrests have been made so far. There were six members of the gang and four of them went into the banking hall while the other two remained in the getaway cars," said Chief Supt Machina.
He, however, could not disclose the name of the injured assistant manager or the hospital he was taken to for security reasons although some bank officials said he had been taken to a Harare hospital, where his condition could not be ascertained.
According to witnesses, the six men parked their cars near the bank at around 9:15 am when clients were queueing to deposit and withdraw cash.
One of the robbers reportedly went straight to the front and caused commotion after some customers complained that he was jumping the queue.
In the ensuing commotion, three more gang members, who were armed, entered the banking hall and ordered everyone to lie down. Other customers who came in later were also ordered to lie down and relieved of their cash and valuables.
The robbers reportedly force-marched the assistant branch manager to the back office before ordering him to open the safe.
The assistant manager allegedly took his time to open the safe as he tried to switch on a key code, prompting one of the robbers to fire two shots at his legs, seriously injuring him.
The manager later opened the safe and the gang looted US$266 000, 150 000 rand and 36 000 pula. When The Herald visited the bank yesterday afternoon, officials from Harare had been called in to assist police with the investigations.
Some of the workers could be seen cleaning the blood of their injured boss, but declined to comment on the heist.
Vendors who sell their wares outside the bank said the robbery happened so quickly that people around barely saw what happened.
A mobile phone airtime vendor, Tichafadzwa Bvute, who was coming out of Food Chain Supermarket near the bank, said he was terrified when he heard screams from the bank and people bolting out of the banking hall in confusion.
He said the robbers, who were carrying cardboard boxes and bags of cash, jumped into their getaway cars that had their doors open and engines running.
"One of the robbers was covering his face with a woollen hat and they were speaking in a language which is neither Shona nor English," he said.
Another vendor, Mr Blessing Mazambara, said it was frightening to see men carrying boxes and bags of cash, rushing to their vehicles brandishing guns.
"These people had pistols and nobody could stop them. However, someone took pictures of the robbers getting away in their cars with a mobile phone camera and I am sure it has been handed over to the police," he said.
This is the first bank robbery in which shots have been fired since the introduction of the multiple-currency system earlier this year.
In February, four armed men hit the Kingdom Bank branch at Karigamombe and and got away with US$120 000, R48 930 , £155, 1800 pula and 10 Australian dollars, without firing a single shot.
The robbery was captured on closed circuit television, which helped in bringing the gang to book.
In July this year, a six-member gang raided a Barclays Bank branch in Bulawayo and got away with US$50 000, R126 000 and £500.
Earlier this month, three armed men stormed CBZ Chitungwiza branch and stole phones from bank staff, but failed to get cash.
Labels: ROBBERS, STANBIC
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Stanbic launches housing project
Written by Brina Manenga
Thursday, September 03, 2009 12:13:15 AM
STANBIC Bank Zambia in partnership with Impart Properties and Knight Frank, have launched a housing project called Southside Villas. The housing project involves a successful build up of 16 high quality houses, each worth US $495, 000 (about K1.8 billion) in Lusaka’s Lilayi Housing Estate.
During the launch, Impact Properties chairman Ridah Mungo’mba said the housing project had become the first to be pioneered by the Zambian people.
“This is a great achievement for Zambia because it has shown that we are capable and this project has employed over 400 people and in the end making a difference in their lives,” said Mungo’mba.
And commerce minister Felix Mutati urged young Zambians to emulate Impact Properties for becoming the first Zambians to successfully host a housing project.
He, however, said the project was inspiring and showed that Zambians could do great things on their on without relying on foreigners to boost the country’s economy.
“Today is a momentous occasion and it proves that Zambians can achieve great things. It shows that we are able to rekindle our economy if we put our heads together. We should not only depend on investors but we should also strive to make a difference in the lives of the ordinary Zambians,” said Mutati.
“With what has happened here today, government will use it as evidence to show other Zambians that indeed we are able to succeed. And we will certainly reach our goals and see a sustainable Zambia.”
Labels: HOUSING, STANBIC
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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
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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
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Stanbic Bank to provide building loans
Written by Nchima Nchito Jr
Thursday, April 30, 2009 2:49:36 PM
STANBIC Bank managing director Joseph Chikolwa has said his bank
has decided to provide building loans in an effort to counter the challenges being faced in the provision of housing countrywide.
In a speech read for him by Stanbic Bank head of personal and business banking, Nelus Agenbach during the launch of the building loans in Lusaka on Tuesday, Chikolwa said the private-sector needed to take a centre-stage role in providing workable solutions to mitigate the current shortages of housing in the country.
“Over the past several years, the effect of the dramatic changes in the Zambian socio-political landscape, from a commandist economy where social amenities such as staff housing were provided by the government and parastatals, to one that is private-sector driven, has unfortunately resulted in a shortage of housing stock,” said Chikolwa. “I am pleased to report that we at Stanbic have been keenly been following these trends in the housing market and it is now apparent that the private-sector needs to take a more centre-stage role in providing workable solutions to mitigate against this emerging scenario. It is for this reason that we have now gone the route of providing building loans, albeit in a very controlled fashion for the time being.”
And Lusaka town clerk Timothy Hakuyu said the council was committed to ensuring that it supplies services and amenities required to make housing projects by the private sector a success.
Hakuyu said he was happy that the new product was being piloted in Lusaka because the city had a population growth rate that was twice the national average.
Stanbic Bank has launched the building loans programme where clients could obtain a loan from the bank to purchase housing units from the Tafika Housing Project.
Labels: CONSTRUCTION, STANBIC
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Stanbic records K89bn profit
By Fridah Zinyama
Saturday May 31, 2008 [04:00]
STANBIC Bank Zambia Limited managing director Larry Kalala has said the bank last year recorded a profit of about K89 billion after tax. During a press briefing at Hibiscus Restaurant on Thursday, Kalala said the bank’s profit after tax grew by 53 per cent in 2007. “The bank also achieved a cost income ratio of about 48 per cent and loans and advances grew by 9 per cent to K997 billion,” he said.
Kalala said deposits grew by 9 per cent to about K1.2 billion and return on equity improved to 60 per cent from 47 per cent in 2006.
He explained that the bank was able to accomplish this much growth because the country continued on its strong growth path in 2007.
“Overall, the country recorded a food surplus and mining continued to contribute positively to the economy with fairly stable world prices for copper and cobalt against marginal increase in production and the tourism sector also recorded good progress,” he said.
“Interest rates also continued to drop and are currently at 17 per cent. The average lending rate for commercial banks closed at 24.3 per cent as at December 2007, a drop of 3.6 from 2006.”
Kalala said there mortgage package was also well received and that Stanbic Bank offered the lowest rates on the market.
And on the exchange rate, he said the kwacha continued to appreciate against the major traded currencies in 2007.
“The general good performance of the economy has also played an important role in improving investor confidence in Zambia,” he said. “Zambia attracted foreign direct investments with pledges totalling to US $1.9 billion as at November compared to US $751 million over the same period in 2006.”
And Kalala said the bank in the first quarter had kept pace of increased customer demand by acquiring space at the new shopping complex opposite Arcades shopping mall to set up a new corporate and commercial branch.
“Ongoing expansion of the ATM network will go a long way in decongesting the branches with 13 more embarked for 2008,” he said Kalala.
Labels: STANBIC
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Stanbic wins govt oil deal
By Kabanda Chulu
Thursday January 17, 2008 [03:00]
THE government has selected Stanbic Bank as the preferred bidder to provide funding worth US$1.2 billion for the supply of 1.4 million metric tonnes of commingled petroleum feedstock that will be delivered by Independent Petroleum Group (IPG) of Kuwait.
Last week, Ministry of Energy Permanent Secretary Peter Mumba, announced that Finance Bank and Stanbic Bank had submitted bids to the Zambia National Tender Board (ZNTB) for the provision of funding for the two-year contract government signed with the IPG for the supply and delivery of 1.4 million metric tonnes of commingled petroleum feedstock.
ZNTB acting director general James Njolomba yesterday said the government through the Ministry of Energy and Water Development requested ZNTB to conduct the tender process, which was done and the bids were sent to the ministry for evaluation.
He said after the bids were brought back for thorough analysis, the ZNTB central tender committee (CTC) finally settled for the bid submitted by Stanbic Bank and the government would soon sign a contract with the bank to outline the modalities of the funding procedure.
"Everything which the government requested for has been done and the ministry will soon sign a contract with Stanbic Bank with a view to provide funding for the recently signed long term contract for the supply and delivery of crude oil,” said Njolomba.
Recently Zambia Association of Chambers of Commerce and Industry (ZACCI) chairman Hanson Sindowe urged the government to ensure reliable and transparent funding for crude oil in order to remove the hand to mouth fuel arrangement that has been prevailing in the country.
And ENFIN solutions managing consultant, Andrew Kamanga, said having a long term fixed contract would help to guarantee security of supply thereby doing away with shortages of the commodity.
Labels: ENERGY, FUEL, OIL, STANBIC
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