Zambia

The long and deep ties of friendship and the ever growing trade ties between the Governments of Republic of Zambia and Government of India fostered the formation of Indo Zambia Bank Limited, in Lusaka, Zambia.

The Government of India contributed its share of 60% in the joint venture through its three largest public sector banks viz: Bank of Baroda, Bank of India and Central Bank of India, each contributing 20% to the share capital of the Bank, apart from seconding senior personnel from their banks. The Government of Republic of Zambia contributed the remaining 40% shares initially through Zambia Industrial and Mining Corporation (ZIMCO) which was subsequently transferred to Ministry of Finance and Planning, Government of Zambia.

The Bank opened its door to the public for the first time on 24th December, 1984. The Bank has come a long way since then thanks to a conservative and selective policy in respect of lending and investment, a professional approach to risk management and a well-trained and committed staff. The support of two Governments has also imparted strength to the joint venture. The Bank enjoys tremendous customer confidence and is considered one of the most secure and customer friendly banks in Zambia. 

In an intensively competitive banking industry, Indo-Zambia Bank Ltd is proud to have made several significant contributions to the Zambian economy. Consistent with its founding principles and mission the bank is truly acting as a catalyst for the economic development of Zambia. The bank has designed innovative schemes and products that cater to the requirements of all sections of the Zambian economy/society whether it is Agriculture, Mining, Tourism, Trade, Manufacturing, SME, Real Estate etc..

The bank has invested considerably in the up-gradation of information technology and all the branches of the Bank are connected to enhance customer service delivery. The Bank has provided an Automated Teller Machine (ATM) facility at all its branches. The bank has swift connectivity, which provides efficient, quick and reasonably priced services and cross border fund transfers. The bank is also live on Real Time Gross Settlement System (RTGS) and is committed to further improve the information technology on an on-going basis.

Starting as a single branch bank in 1984, the bank has come a long way and has now twelve branches. The Bank is well represented at all the major business centres in Zambia. The bank is also planning to open more branches in future. The bank has attained a well deserved place in the banking industry in Zambia, and has become a household name as `The Bank You Can Trust’. 

The bank has formulated transparent, progressive business oriented policies that are not only customer friendly, but also comply with the tenets of good corporate governance. This has helped the bank to emerge as a “professionally run Institution”