Intermarket Bank was a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Zambia Zambia, officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa. It is typically referred to being in South-Central Africa or Southern Africa. It is bor ...

. The bank is one of the

s licensed by the

Bank of Zambia The Bank of Zambia (BoZ), is the central bank of Zambia. Overview The principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country. The Bank is active in promoting financ ...

, the national banking regulator.

History

In March 2010, at the direction of the Bank of Zambia, Afriland First Bank Group, based in

Yaoundé Yaoundé (; , ) is the Capital city, capital city of Cameroon. It has a population of more than 2.8 million which makes it the second-largest city in the country after the port city Douala. It lies in the Centre Region (Cameroon), Centre Region o ...

Cameroon Cameroon, officially the Republic of Cameroon, is a country in Central Africa. It shares boundaries with Nigeria to the west and north, Chad to the northeast, the Central African Republic to the east, and Equatorial Guinea, Gabon, and the R ...

, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholder in Intermarket Bank retained 20% ownership. Afriland also took 80% shareholding in ''Intermarket Securities'', which is 100% owned by Intermarket Bank. The new majority owners will keep the Intermarket brand until 2013 when they will switch to the Afriland brand. with liabilities over the assets, it became potentially difficult for the bank to honour its financial obligations.

Ownership

, the bank's

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

was owned by the following corporate entities:

Branch network

The bank maintained headquarters in

Lusaka Lusaka ( ) is the Capital city, capital and largest city of Zambia. It is one of the fastest-developing cities in southern Africa. Lusaka is in the southern part of the central plateau at an elevation of about . , the city's population was abo ...

's capital and largest city. The bank had the following branches: # Lusaka Main Branch -

# Manda Hill Branch - Manda Hill Shopping Mall,

# New Soweto Branch - New Soweto,

# NIPA Agency Branch -

# Kamwala Branch - Kamwala # Chawama Branch - Chawama # Kitwe Branch -

Kitwe Kitwe is the third largest city in terms of infrastructure development (after Lusaka and Ndola) and second largest city in terms of size and population (after Lusaka) in Zambia. With a population of 517,543 (''2010 census provisional'') Kitwe is ...

Governance

Joseph Toubi served as Afriland First Bank Group's

Executive Vice President A vice president or vice-president, also director in British English, is an officer in government or business who is below the president (chief executive officer) in rank. It can also refer to executive vice presidents, signifying that the vi ...

since 2008. He has been in the banking sector since 1989. After implementing the Organization Department and the Department in charge of overhead management in Société Générale de Banques au Cameroun, Joseph Toubi joined Afriland First Bank Cameroon as an

Internal Auditor An internal auditor is an auditor who is appointed by the Board of directors of the company in order to carry out the internal audit function. Generally, an employee of the company acts as an internal auditor, whereas some companies appoint an e ...

in 1997. He was Advisor to the

Chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

of Afriland First Group for 9 years before becoming the Group Executive Vice President in charge of Business Development and International Relations. He was also the

of the Board of

Afriland First Bank Afriland First Bank is a full-service bank in Cameroon, with subsidiaries in the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, São Tomé and Príncipe and Zambia. The bank was founded in Yaoundé in 1987 und ...

in the

Democratic Republic of Congo The Democratic Republic of the Congo (DRC), also known as the DR Congo, Congo-Kinshasa, or simply the Congo (the last ambiguously also referring to the neighbouring Republic of the Congo), is a country in Central Africa. By land area, it is t ...

and

of the Board of Intermarket Banking Corporation. He was part of the team of four experts set up by the Cameroonian Government to implement the

Douala Stock Exchange The Douala Stock Exchange (DSX in abbreviation) was the official market for securities in Cameroon, located in Douala. In 2019 it was absorbed by the (, BVMAC) which on that occasion relocated from Libreville to Douala. History The origin of t ...

in 2002. Robert Nkous served as the

Managing Director A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of Intermarket Banking Corporation, since January 2012.

Closure

In 2016, the

seized and closed Intermarket Bank on account of being insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure the collapsed bank, to enable it to re-open. After reaching agreements with the shareholders of the collapsed bank, the restructured bank was opened, with new shareholders and under new management, on 23 October 2018.The restructured bank was named Zambia Industrial Commercial Bank.

External links

Website of Bank of Zambia

Website of Afriland First Bank

References

{{Economy of Zambia Banks of Zambia Companies based in Lusaka