Q1. Who is Zambia Industrial Commercial Bank Limited?
Answer: Zambia Industrial Commercial Bank Limited (ZICB) is a new Bank that was incorporated on the 31st of August 2017.
Q2. Has Intermarket Banking Corporation rebranded to ZICB?
Answer: No. The bank was created as part of the Restructuring Plan of Bank of Zambia for Intermarket Banking Corporation Limited (IBC) (In Possession), which was possessed by the Bank of Zambia in November 2016.
Therefore, ZICB is a separate legal entity. Intermarket Banking Corporation Limited (In Possession) continues to exist under possession by the Bank of Zambia.
Q3. Who are the Major Shareholders of ZICB?
- Industrial Development Corporation Limited
- National Pension Scheme Authority
- Workers Compensation Fund Control Board
- Madison Financial Services Limited
Q4. Are you going to have new products and services?
Answer: Yes. We will introduce new products and services to meet the needs of our customers.
Q5. Will customers who made partial withdrawals during the payout exercise accrue credit interest on remaining amount?
Answer: Individual accounts will earn interest based on whether or not the new account is interest bearing. However, interest will only start to accrue from the date ZICB starts to operate.
Q6. Will customers be paid interest on credit balances during the period of closure i.e. from date of possession to date of withdrawal or opening of the new Bank?
Answer: No, ZICB was not operational during that period.
Q7. If a customer did not withdraw cash during the withdrawal period, can they withdraw under ZICB?
Answer: Yes, up to the K200,000 threshold that was approved by the Bank of Zambia.
Q8. How will the balances above the K200,000 allowed during the pay-out be treated?
Answer: Balances above the K200,000 allowed during the pay-out will be placed in Fixed Deposit accounts to mature 12 months from the date ZICB opens to the public for operation (36 months for Corporate accounts).
Q9. How will balances below K200,000 that were not withdrawn during the pay-out exercise be treated?
Answer: Balances below K200,000 that were eligible for pay-out but were not withdrawn will be placed in an account that closely matches the previous account and will remain available for withdrawal if the customer still wishes to withdraw it.
Please note that only current accounts will be opened, and customers will have to apply for savings and fixed deposit accounts after the Bank has opened for business.
Q10. When will the Bank be officially launched?
Answer: The Bank was officially launched on the 28th of October, 2018.
Q11. Will the cheque books issued by Intermarket Banking Corporation still be valid?
Answer: No. New cheque books will be issued under ZICB.
Q12. Is ZICB retaining IBC staff?
Answer: Some branch officers will be retained in line with the needs of ZICB.
Q13. Will the new bank operate under a different management team?
Q14. Will the new bank change the account types and numbers?
Answer: Account numbers will change, and old account types will be the closest match with the new account types that will be introduced.
Q15. What corporate products/services is ZICB offering?
Answer: Visit your nearest Branch to learn more about our products offering.
Q16. How many Branches does ZICB have?
Answer: ZICB currently has 2 branches, that is;
- Lusaka Main Branch
- Kitwe Branch
Q17. Why should we believe that ZICB will not close the same way IBC closed?
Answer: ZICB is part owned by government under the Industrial Development Corporation (IDC) and has other financially strong shareholders. The bank therefore has a very strong balance sheet and has recruited an experienced management team. (Refer to shareholding details above).
Q18. Will ZICB be giving loans?
Answer: Yes. However, applicable Terms & Conditions will apply.
Q19. Will ZICB provide Electronic Banking solutions?
For additional queries or clarifications please contact us on the following numbers:
Lusaka : +260 211 233 707
Kitwe : +260 212 222 031