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]
 | |
| Type | Public;:LUSE:ZANACO |
|---|---|
| Industry | Financial services |
| Founded | January 1, 1969 |
| Headquarters | Lusaka, Zambia |
Key people | Hastings Mtine Chairman Mukwandi Chibesakunda Managing Director[1] |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |  Aftertax:ZMW:234.5 million (US$11.02 million) (2020)[1] |
| Total assets | ZMW:19.377 billion (US$911 million) (2020)[1] |
Number of employees | 923 (2020)[1] |
| 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.[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 2020, the bank's total assets were valued at ZMW:19.377 billion (US$911 million), with shareholders' equity of ZMW:1.214 billion (US$57.07 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). According to the bank's quarterly financial statements as at 31 March 2021, net income was ZMW209m (US$9.46m).[5] The current shareholding in the bank is detailed in the section below.
Ownership
As of December 2020, the banks's stock was owned by the following corporate entities and individuals:[1]
| 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 2020, the bank had one of the largest distribution networks in the country with 60 branches and agencies and over 200 automated teller machines, spread across the entire country. In addition, Zanaco has over 8,000 Zanaco Xpress agents, a partnership which allows Zanaco customers to deposit and withdraw funds from their accounts in both rural and urban locales.[1]
Community service
Zanaco is the sponsor of Zanaco FC, a football club based in Lusaka, the capital city of Zambia.[6]
See also
References
- Zanaco (31 March 2021). "Zambia National Commercial Bank Annual Report for the Year Ended 31 December 2020". Lusaka: Zambia National Commercial Bank (Zanaco). Retrieved 3 June 2021.
- Bank of Zambia (3 May 2018). "List of Licensed Commercial Banks in Zambia". Lusaka: Bank of Zambia. Retrieved 3 May 2018.
- 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.
- "ZANACO Quarterly Financial Statements for the quarter ended 31 March 2021". African Financials. 10 May 2021. Retrieved 2 June 2021.
- Sports Reporter (13 May 2017). "Zanaco FC face Al Ahly challenge". Zambia Daily Mail. Lusaka. Retrieved 3 May 2018.