Zambia’s central bank on Tuesday announced the takeover of a commercial bank which has become insolvent.

The Bank of Zambia (BoZ) said it has determined that Intermarket Banking Corporation was insolvent and not in a position to meet its obligations.

“The Bank of Zambia wishes to remind the general public that the decision to take over the affairs of Intermarket Banking Corporation, is intended to safeguard the interest of depositors and preserve the integrity of the financial sector,” the central bank said in a statement released by its communication department.

Zambia saw an increase in commercial banks following the liberalization of the financial sector in the 1990s, with 19 banks currently operating in the country. Enditem

Source: Xinhua/NewsGhana.com.gh

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