Zambia National Commercial Bank
- "Zanaco" redirects here; for the football club, see Zanaco FC.
 | |
Type | Public;:LuSE:ZANACO |
|---|---|
| Industry | Financial Services |
| Founded | 1969 |
| Headquarters | Lusaka, Zambia |
Key people | Charity C Lumpa Chairperson Bruce Dick Managing Director |
| Products | Loans, Checking, Savings, Investments, Debit Cards homepage = Homepage |
| Revenue |  Aftertax: US$23 million (ZMK:121 billion) (2011) |
| Total assets | US$900+ million (ZMK:4.72 trillion) (2011) |
Number of employees | 1,180+ (2011) |
| Slogan | Big, Strong, Reliable |
Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is one of the commercial banks in the country, licensed by Bank of Zambia, the national banking regulator.[1]
Overview
Zanaco is a large financial services provider in Zambia. As of December 2011, the bank's total assets were valued at US$900 million (ZMK:4.72 trillion), with shareholders' equity of about US$111.2 million (ZMK:582.7 billion), according to the bank's 2011 audited financial statement.[2]
History
Zanaco was founded in 1969 by the Government of Zambia.[3] Prior to 2007, the bank was 100% owned by the government. In that year, 49% 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.[4]
Ownership
As of December 2011, the banks's stock is owned by the following corporate entities and individuals:[5]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Rabobank | 45.59 |
| 2 | Government of Zambia | 25.00 |
| 3 | Public | 24.68 |
| 4 | Lizara Investments Limited* | 3.41 |
| 5 | Employee Share Ownership Programme (ESOP) | 1.32 |
| TOTAL | 100.00 |
- Lizara Investments Limited is an investment subsidiary of Zambia National Farmers Union (ZNFU) [6]
Branch Network
Zanaco's main branch is located at the bank's headquarters in Lusaka, Zambia's capital and largest city. As of February 2011, the bank has fifty-seven fully functional branches, spread across the entire country.[7] 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. 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 F.C., a football club based in Lusaka, the capital city of Zambia.
See also
External links
- Zambia National Commercial Bank official site
- Zanaco December 2011 Annual Report
- Zambia National Commercial Bank, at Alacrastore
- Zambia National Commercial Bank, at Bloomberg
References
<templatestyles src="Reflist/styles.css" />
- ↑ List of Licensed Commercial Banks In Zambia
- ↑ Audited December 2011 Annual Report
- ↑ History of Zanaco
- ↑ Zanaco is most profitable bank in Zambia during Q1 and Q2 of 2009
- ↑ Zanaco December 2011 Shareholding
- ↑ List of Investors in Zanaco
- ↑ Zanaco With 57 Branches In February 2011
- ↑ Zanaco With 62 Branches In July 2012
