Intermarket Bank
Encyclopedia
Intermarket Bank is a commercial bank
in Zambia
. The bank is one of the eighteen (18) licensed commercial bank
s in the Republic of Zambia.
, the national banking regulator, Afriland First Bank Group
, based in Yaounde
, Cameroon
, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholders 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.
was owned by the following corporate entities:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Intermarket Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Afriland First Bank
of Cameroon
||80.00
|-
|2||Sabre Capital Holdings of United Kingdom
||20.00
|-
|||Total||100.00
|-
|}
, Zambia
's capital and largest city. No other information about the bank's branches is available.
's Executive Vice President
, is the Chairman of the Board of Directors
. Ackim Sinkala serves as the Ag. Managing Director.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. The bank is one of the eighteen (18) licensed commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s in the Republic of Zambia.
History
In March 2010, at the direction of the Bank of ZambiaBank of Zambia
The Bank of Zambia is the central bank of Zambia. According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in Lusaka....
, the national banking regulator, Afriland First Bank Group
Afriland First Bank
Afriland First Bank is a full service bank operating in Cameroon, Equatorial Guinea, Liberia, and São Tomé and Príncipe. The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d’Epargne et d’Investissement...
, based in Yaounde
Yaoundé
-Transportation:Yaoundé Nsimalen International Airport is a major civilian hub, while nearby Yaoundé Airport is used by the military. Railway lines run west to the port city of Douala and north to N'Gaoundéré. Many bus companies operate from the city; particularly in the Nsam and Mvan neighborhoods...
, Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, acquired 80% shareholding in Intermarket Bank, for an undisclosed sum of money. Sabre Capital, the former majority shareholders 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.
Ownership
, the bank's stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
was owned by the following corporate entities:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Intermarket Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Afriland First Bank
Afriland First Bank
Afriland First Bank is a full service bank operating in Cameroon, Equatorial Guinea, Liberia, and São Tomé and Príncipe. The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d’Epargne et d’Investissement...
of Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
||80.00
|-
|2||Sabre Capital Holdings of United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
||20.00
|-
|||Total||100.00
|-
|}
Branch Network
The bank maintains headquarters in LusakaLusaka
Lusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
, Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
's capital and largest city. No other information about the bank's branches is available.
Governance
Joseph Toubi, Afriland First Bank GroupAfriland First Bank
Afriland First Bank is a full service bank operating in Cameroon, Equatorial Guinea, Liberia, and São Tomé and Príncipe. The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d’Epargne et d’Investissement...
's Executive Vice President
Vice president
A vice president is an officer in government or business who is below a president in rank. The name comes from the Latin vice meaning 'in place of'. In some countries, the vice president is called the deputy president...
, is the Chairman of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. Ackim Sinkala serves as the Ag. Managing Director.
External links
See also
- Afriland First BankAfriland First BankAfriland First Bank is a full service bank operating in Cameroon, Equatorial Guinea, Liberia, and São Tomé and Príncipe. The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d’Epargne et d’Investissement...
- Bank of ZambiaBank of ZambiaThe Bank of Zambia is the central bank of Zambia. According to its website, the principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country.The bank's offices are located in Lusaka....
- List of banks in Zambia
- Economy of ZambiaEconomy of ZambiaZambia is one of Sub-Saharan Africa's most highly urbanized countries. About one-half of the country's 11.5 million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated. Unemployment and underemployment are serious...