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.[2]

"Zanaco" redirects here. For the football club, see Zanaco F.C.
Zambia National Commercial Bank
TypePublic;:LUSE:ZANACO
IndustryFinancial Services
FoundedJanuary 1, 1969 (1969-01-01)
HeadquartersLusaka, Zambia
Key people
Charity C Lumpa
Chairman
Henk Gezienus Mulder
Managing Director[1]
ProductsLoans, Checking, Savings, Investments, Debit Cards
Revenue Aftertax:ZMK:153.115 million (US$15.42 million) (2017)[1]
Total assetsZMW:9.543 billion (US$961 million) (2017)[1]
Number of employees
1,228 (2017)[1]
WebsiteHomepage

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.[3] The coordinates of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E (Latitude:-15.423611; Longitude:28.283333).[4]

Overview

Zanaco is a large financial services provider in Zambia. As of December 2017, the bank's total assets were valued at ZMW:9.543 billion (US$961 million), with shareholders' equity of ZMW:1.024 billion (US$103.1 million).[1]

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). The current shareholding in the bank is detailed in the section below. According to the Bank of Zambia, Zanaco was the most profitable commercial bank in Zambia during the first six months of 2009.[5][6][7]

Ownership

As of December 2017, the banks's stock was owned by the following corporate entities and individuals:[1]

Zanaco Stock Ownership
RankName of OwnerPercentage Ownership
1Arise BV*145.59
2Industrial Development Corporation (IDC)25.00
3Public16.00
3National Pension Scheme Authority (NAPSA)10.00
4Lizara Investments Limited*23.41
TOTAL100.00

Branch Network

Zanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of December 2011, the bank had branches, agencies and over 100 automated teller machines, spread across the entire country. In addition, Zanaco has partnered with the Zambian Post-office known as Zampost to allow Zanaco customers to deposit and withdraw funds from their accounts at Zampost outlets which total about one hundred, distributed all over Zambia, in both rural and urban locales.[6] By July 2012, the number of fully fledged bank branches (including Agency Branches), had increased to 62.[8]

Community service

Zanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia.[9]

See also

References
  1. Zanaco (7 March 2018). "Zambia National Commercial Bank Annual Report for the Year Ended 31 December 2017". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 May 2018.
  2. Bank of Zambia (3 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 3 May 2018.
  3. Zanaco (3 May 2018). "The Headquarters of Zambia National Commercial Bank". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 May 2018.
  4. 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.
  5. Zambian Econmist (4 October 2008). "ZANACO : A Successful Privatisation Story?". Zambian Economist. Retrieved 3 May 2018.
  6. Zambia Advisor (31 December 2009). "ZANACO – Big, Strong, Reliable". Lusaka: Zambia-Advisor.com. Retrieved 3 May 2018.
  7. "Technology Turns Zambian Banking From Chore To Pleasure". African Business Magazine. London. 1 February 2011. Retrieved 3 May 2018.
  8. News Editor (30 September 2016). "ZANACO to build new bank in Chipata". Chipata: Breezefmchipata.com. Retrieved 3 May 2018.
  9. Sports Reporter (13 May 2017). "Zanaco FC face Al Ahly challenge". Zambia Daily Mail. Lusaka. Retrieved 3 May 2018.

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