Intermarket to start paying out depositors next week

THE Bank of Zambia says payments to depositors of Intermarket Banking Corporation Zambia Limited will commence next Tuesday.

In a statement, the bank told all depositors and other creditors and the general public that it had secured support for the Restructuring Plan (the ‘Plan’) for Intermarket Banking Corporation Zambia Limited (In Possession) (IBC) in line with the requirements of the Banking and Financial Services Act, Chapter 387 of the Laws of Zambia.

It stated that in accordance with the plan, a new bank, the Zambia Industrial Commercial Bank Limited (ZICB) assumed the deposit liabilities and certain selected assets of IBC through a purchase and assumption transaction.

The Bank of Zambia is, therefore, now proceeding to implement the plan.

“In this regard, the payments to depositors will commence on Tuesday, November 28, 2017 as part of this process. Details relating to payments to other creditors and former employees of IBC will be communicated in due course by the IBC Possession Manager,” it stated.

BOZ stated that ZICB would provide details on the payment modalities.

“Please note that the payout locations for the depositors will be as follows: Lusaka – Lusaka Main Branch located at Farmers House/Central Park. Kitwe – Kitwe Branch located at Mukuba Pension House. Depositors are required to carry an original Identity Document (NRC, Passport or Driver’s Licence) to facilitate payment. In the case of administrators of estates of deceased customers, the following original documents will be required: Order of Appointment of Administrator or Probate Administrator’s Identity Document, Identity Document for the deceased customer or Death Certificate. Payment to corporate customers will only be made to duly authorized signatories of the account as per account mandates,” read the statement in part.

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