Indo-Zambia Bank geared for expansion


Times of Zambia by mitia on 6/2/13


INDO-Zambia Bank says it will continue on a steady expansion programme because Zambia’s economic outlay has provided an attractive business environment for growth.
Managing director Shankardas Gupta said the business environment would remain attractive because the Zambian Government was handling  the  economic affairs  of  the  country prudently.
Mr Gupta said it was evident the country’s economy had continued to perform as the macro-economic performance  had  remained buoyant.
He  was  speaking  in Choma on  Friday during the opening of a new Indo-Zambia Bank branch in the Southern Province capital.
“Let me also take this opportunity to recognise the effective role the Bank of Zambia has been playing in guiding and supervising the operations of the banking industry in Zambia.
“This is a critical ingredient in fostering a positive macro-economic environment which facilitates entrepreneurship and employment creation,” Mr Gupta said.
He said through the Choma Branch, the bank would supplement Government efforts in promoting and nurturing inclusive growth and development of the new provincial capital.
Mr  Gupta said  his  bank had been closely following the economic activities of Choma and Southern Province which were being driven by tourism, unprecedented infrastructure development as well  as  increased  agricultural production  and emerging Small to Medium Enterprises (SMEs).
“This town and the province in general is poised for economic and social growth in the backdrop of sound economic policies being  pursued by  the Government,” he said.
Indo-Zambia Bank, which was founded  in 1984, is  a joint venture between the Government of Zambia and India.
It has a branch network of 21 branches across Zambia and seven new branches were opened in the last 12 months.
The total business mix currently is more than KR2.1 billion,  while continued confidence and support of customers had seen the total deposits of the bank to rise to levels of more than KR1.2 billion.
Loans and advance portfolio has crossed the level of KR900 million.
Southern Province Permanent Secretary Bernard Namachila officially launched the new branch.