BoZ takes over Investrust

LOGIC LUKWANDA
Lusaka
BANK of Zambia (BoZ) has with immediate effect taken possession of Investrust Bank Plc owing to its inadequate capital.
The takeover was announced in a notice yesterday issued by BoZ assistant director of communications Besnat Mwanza.
She said the possession of Investrust Bank Plc has been necessitated by its insolvency.
“This is pursuant to Section 64 of the Banking and Financial Services Act number seven of 2017,” Ms Mwanza said. “BoZ has had numerous engagements with the shareholders to recapitalise the bank, but unfortunately the shareholders were unable to resolve the insolvency.
“So, under the circumstances, the central bank has had to exercise its authority under the law to safeguard financial stability and the interests of the public.”…https://enews.daily-mail.co.zm/