Wed, 30 Nov 2016 09:23:13 +0000 THE Bank of Zambia (BOZ) has with immediate effect taken possession of Intermarket Banking Corporation Zambia Limited because it is insolvent. The Central Bank has revealed that the bank was no longer able to meet its institutional obligations, head of communications Kanguya Mayondi has announced. Mr Mayondi explained that BOZ under Section 81 of the Banking and Financial Services Act had authority to take possession of any financial service provider where its operations were in breach of the Zambian law. He said that the banking regulator could take possession of a financial institution for any reason if it was unable or likely to become unable to continue with its operations. Mr Mayondi warned that a financial service provider could be taken over if its capital was less than the prescribed minimum and that it was deemed insolvent. He disclosed that BOZ had with immediate effect taken possession of the […]
