Zambia National Commercial Bank
| Zambia National Commercial Bank | |
|---|---|
| legal form | Corporation |
| founding | 1969 |
| Seat |
Lusaka , Zambia
|
| management | Matakala Kulombota |
| Number of employees | 1000 (2003) |
| sales | $ 314 million (2004) |
| Branch | Finance |
| Website | www.zanaco.co.zm |
Zambia National Commercial Bank , also ZaNaCo , is a public company in Zambia .
ZaNaCo was 100 percent state-owned until 2005, specifically the Bank of Zambia , the central bank, since 2005 74.2 percent. 25.8 percent were placed on the Lusaka Stock Exchange , where they are freely traded. A further 49 percent was supposed to be sold to investors, but the negotiations were broken off at the end of 2005. The privatization of ZaNaCo was very controversial as state wages, salaries and pensions are paid through it. It was feared that many branches would be closed after the privatization, so that the beneficiaries would have to travel long distances, which in Zambia means well over 100 kilometers, to get their money. The unions were firmly against it and no investor wanted to guarantee the branch network. This meant that the World Bank's privatization plans had failed for the time being, the only thing that remained was the placement on the stock exchange.
ZaNaCo has a market share of 24 percent and has 52 strategically placed branches and a branch in London. It is the largest bank in the country and at the end of 2004 had assets of US $ 314 million, of which US $ 285.8 million were deposits and US $ 167.7 current assets.