Tue, 10 Oct 2017 13:45:39 +0000 …Intermarket Bank depositors assured INTRODUCTION Today’s hearing is intended to apprise all interest groups associated with Intermarket Banking Corporation (Zambia) Limited (In Possession) (IBC) on the restructuring process in line with the requirements of the Banking and Financial Services Act (BFSA). The hearing also provides a platform for all interested parties of IBC, to express their views on the proposed restructuring process. Let me begin my address by tendering an apology on behalf of the Bank of Zambia (BoZ) on the protracted restructuring process. We regret profusely that the process has dragged since February 2017, when we announced our decision to restructure IBC. We are cognizant of the challenges and suffering that most of the depositors and employees of the bank are enduring following the closure of IBC on November 29, 2016. However, the process of resolving a bank taken over by the BoZ on account of insolvency is […]
