Zambia National Commercial Bank
Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator.[4] In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.[3][5]
 | |
| Type | Public |
|---|---|
| LUSE:ZANACO | |
| Industry | |
| Founded | January 1, 1969 |
| Headquarters | Lusaka, Zambia |
Key people | Patrick Wanjelani Chairman[1] Mukwandi Chibesakunda Chief Executive Officer[2] |
| Products | Corporate and Investment Banking, Business Banking, Retail Banking, Digital Banking, Private Banking |
 ZMW3.505 billion (US$210.37 million) (2021)[3] | |
| ZMW:1.039 billion (US$62.4 million) (2021)[3] | |
| Total assets | ZMW:26.18 billion (US$1.57 billion) (2021)[3] |
| Total equity | ZMW2.145 billion (US$128.76 million) (2021)[3] |
Number of employees | 859 (2021)[3] |
| Website | Homepage |
Location
The bank's headquarters and main branch are located in Zanaco House, at the corner of Cairo Road and Chainda Place, in the central business district of Lusaka, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia.[6] The coordinates of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E (Latitude:-15.423611; Longitude:28.283333).[7]
History
Zanaco was founded in 1969 by the Government of Zambia. Prior to 2007, the bank was 100 percent owned by the government. In that year, 49 percent of its shares were sold to the Rabobank Group, a banking company from the Netherlands. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange (LUSE), where they trade under the symbol: (ZANACO). According to the bank's quarterly financial statements as at 30 June 2022, net income was ZMW29.42m.[8] The current shareholding in the bank is detailed under ownership.
Overview
Zanaco is one of the largest financial services provider in Zambia. As of December 2021, the bank's total assets were valued at ZMW26.18 billion (US$1.57 billion) with shareholders' equity of ZMW2.145 billion (US$128.76 million).[9] In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax.[9] The achievement was mainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework.[9]
In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing.[10]
Awards in 2021
The Bank received recognition from the following international awards:[9]
- Euromoney Award as the Best Bank in Zambia 2021 for being an institution that demonstrated resilience and achieved excellent results amid the COVID- 19 pandemic.
- Global Finance award as the Best Bank in Zambia 2021.
- International Banker Award 2021 for the Best Commercial Bank and Best in Retail innovation.
- Citi Performance Excellence Award 2021 for the achievement of the highest rates of Straight-Through Processing (STP).
- Global Finance award 2021 for Best Trade Finance Provider.
Ownership
As of December 2020, the banks's stock was owned by the following corporate entities and individuals:[9]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Arise BV* | 45.59 |
| 2 | Industrial Development Corporation (IDC) | 25.00 |
| 3 | Public | 19.41 |
| 4 | National Pension Scheme Authority (NAPSA) | 10.00 |
| TOTAL | 100.00 | |
∗Arise BV is an investment company co-owned by Rabobank, Netherlands Development Finance Company and Norfund.
Branch Network
Zanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of December 2021, the bank had one of the largest distribution networks in the country with 61 branches and agencies and almost 200 automated teller machines, spread across the entire country. In addition, Zanaco has over 16,750 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both rural and urban locales.[9]
Community service
Zanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia.[11]
See also
References
- "Notice of change in Directorate". Zanaco Investor. Zambia National Commercial Bank Plc. Retrieved 10 July 2022.
- "(SENS Announcement) ZANACO appoints Mukwandi Chibesakunda as CEO". Financial Insight. Financial Insights of Zambia. Retrieved 10 July 2022.
- "Zambia National Commercial Bank Plc (Zanaco.zm) 2021 Annual Report". Zanaco. Zambia National Commercial Bank Plc. Retrieved 10 July 2022.
- Bank of Zambia (3 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 3 May 2018.
- "FY21, What No Eye Has Seen Nor Ear Heard, Zanaco Plc is Zambia's First K1bn PAT Bank". The Business Telegraph. Retrieved 2 October 2022.
- Zanaco (3 May 2018). "The Headquarters of Zambia National Commercial Bank". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 May 2018.
- Google (3 May 2018). "Location of the Headquarters of Zambia National Commercial Bank, 2118–2121 Cairo Road, Lusaka" (Map). Google Maps. Google. Retrieved 3 May 2018.
- "Zambia National Commercial Bank Quarterly Financial Statements for the Quarter ended 30 June 2022". Zanaco. Zambia National Commercial Bank Plc. Retrieved 2 October 2022.
- Zanaco (31 March 2021). "Zambia National Commercial Bank Annual Report for the Year Ended 31 December 2021". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 June 2021.
- thebusinesstelegraph (14 October 2022). "zanaco-plc-secures-50mln-credit-line-with-british-international-investment-company-for-sme-and-climate-finance". thebusinesstelegraph.com. Retrieved 15 October 2022.
{{cite web}}:|last=has generic name (help) - Sports Reporter (13 May 2017). "Zanaco FC face Al Ahly challenge". Zambia Daily Mail. Lusaka. Retrieved 3 May 2018.