Tag Archives: FBZ

FBZ Sets Up #ZIALE Award

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FBZ, under the chairmanship of Rajan Mahtani, has presented the ZIALE award to the top graduating individual at ZIALE  for honouring the memory and legacy of the Steven Caution Mwaba Malama SC, who died on 8th June, 2012. The Finance Bank will be presenting this award every year to the student who succeeds for the admission to Bar at the first attempt.

 

Malama SC was a known lawyer and a distinguished member at the Bar and Law Association of Zambia. He was a pioneer together with Mr. D.C. Katongo, Mr. L. Lubamba (who are now deceased) and some others who are alive even now, in influencing the government of Republic of Zambia to legislate for merger of two different Bars- the Barristers Bar and the Solicitors Bar into one Bar to which all the lawyers in the nation could affiliate. He was a proficient, competent and a professional individual, whose legacy when put in the practice of law is documented in several cases that are reported in Zambia Law Reports.

 

Womba Silumbu Kandondo received the award this year for being the best student at ZIALE. William Nyiredra, the Finance Bank’s Board Member, presented this award to the Womba, on behalf of Rajan Mahtani, the chairman of Finance Bank Zambia.

 

The ZIALE award is a long-term award. It will be presented at the LAZ Gala Dinner annually by FBZ. The director Nyiredra said in the inauguration presentation that the prize money for this award is K15,000 and is accompanied by a plague engraved in the name of the receiver. He also said that Dr. Rajan Mahtani would have loved to be in the inaugural presentation but due to other duties he asked him to have the privilege and honour to make the presentation to the derserving student.

Chairman Finance Bank Zambia Cited Significant Areas of Growth and Improvement by FBZ

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FBZ has consolidated its status as Zambia’s top indigenous commercial bank after surviving the malicious Rupiah Banda rule.

Recounting the steps that the institution made in financial year, which ended in December 31st, 2013, chairman Finance Bank Zambia Dr. Rajan Mahtani in an FBZ cocktail party at Pamodzi hotel on March 25, 2014 cited significant areas of growth and expansion that’s recorded by FBZ.

Dr. Mahtani reflected in the gracious decision by the Patriotic Front government for curtailing institutional lawlessness and injustice, which prevailed under Rupiah Banda who had the boldness to sell the bank at just $5 million. Dr. Mahtani even used the event to praise the Patriotic Front government for being a fair, principled and listening administration.

On Finance Bank’s achievements in financial year that ended at December 31, 2013, Rajan Mahtani revealed that FBZ performed in a strong way and showed that its growth was consistent as a result of which it earned the position as the leading indigenous commercial bank of the country. The presentation showcased that the institution experienced a considerable increase of its client base. Now it has over 150,000 active clients.

Other than FBZ’s impeccable improvement of client base, the institution has even recorded corresponding increase of its deposit base that has experienced a substantial growth from K1.555 trillion to K2.1 billion within one financial year.

Rajan Mahtani also informed that the loan book saw a stable growth and presently the figure stands at K1.1 billion, which comprises of financial loans to MNCs, individuals, SMEs, and all kinds of businesses in all the sectors of national economy.

Among the other milestone accomplishments, which FBZ made in last year include a positive change that’s recorded in the bank’s total assets value. In 2012 the asset value of the bank was K1.8 trillion. It is now K2.3 billion representing a growth of 25%. On the whole, FBZ recorded a profit of K117 million (before tax) and K71 million net profit after paying K42 million to the treasury in taxes.

With respect to diversifying the shareholding portfolio in an attempt to give power to their staff, the potential stakeholders and general citizenry, the bank has re-asserted its dedication to going to stock market and the information about its entrance to Lusaka Stock Exchange will be publicized soon. Dr. Rajan Mahtani even announced that FBZ with open a new branch in Malawi within next six weeks.