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HomeUncategorizedBOZ Takes Over Operations At Insolvent Intermarket Banking Corporation
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BOZ Takes Over Operations At Insolvent Intermarket Banking Corporation

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The Bank of Zambia-BOZ has taken over operations at Intermarket Banking Corporation with immediate effect.
BOZ says the decision to take over Intermarket’s affairs is intended to safeguard the interest of depositors and preserve the integrity of the financial system.
According to a notice of possession signed by BOZ Deputy Governor Bwalya N’gandu, the action to possess the bank is due to its insolvency and inability to meet obligations as they fall due.
During the period of possession, BOZ shall prepare a statement of affairs and take any other action it deems fit.
This is contained in a statement made available to MUVI TV news by Bank of Zambia head communications.
Meanwhile, there was commotion at Intermarket Bank in Lusaka and Kitwe when clients learnt that BOZ has taken over possession of the bank.

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