title: Zambia Industrial Commercial Bank
text: # Zambia Industrial Commercial Bank
  
  Zambia Industrial Commercial Bank (ZICB), is a commercial bank in Zambia. The bank is one of the commercial banks licensed by the Bank of Zambia, the central bank and national banking regulator.
  
  ## History
  
  In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations. In February 2017, the central bank announced that it would re-structure Intermarket Bank, to enable it to re-open.
  
  Subsequently, agreement was reached with the shareholders of the collapsed bank, on how the bank could be re-opened. The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution.
  
  The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management, in a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe. The restructured bank was named Zambia Industrial Commercial Bank.
  
  ## Ownership
  
  As of February 2020, the bank's stock was owned by the following corporate entities:
  
  Zambia Industrial and Commercial Bank Stock Ownership :
  
  | Rank | Name of Owner | Percentage Ownership |
  | - | - | - |
  | 1 | Industrial Development Corporation of Zambia | 71.0 |
  | 2 | The National Pension Scheme Authority (NAPSA) | |
  | 3 | Madison Finance Company Limited (MFinance) | |
  | 4 | Workers' Compensation Fund Control Board of Zambia | |
  | | Total | 100.00 |
  
  ## Branch network
  
  As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital and Kitwe, in the Copperbelt Province.
  
  ## Governance
  
  The chairman of the seven-person board of directors is Charles Sichangwa. The managing director is Ignatius Mwanza.
  
  