Finance Bank acquired within Zambian law – FNB

Posted: October 4, 2011 in News

Hong Kong Oct.04 – South Africa’s First National Bank (FNB) has said FirstRand followed the “due process of the law and agreements were reached” with Bank of Zambia (BOZ) when it acquired Finance Bank Zambia (FBZ).

FNB CEO, Michael Jordaan, said in a  news statement, “We strongly believe that due process was followed and that the agreements reached with the BOZ were concluded in accordance with Zambian law”.

FirstRand's dream of becoming the operator of Zambia's fifth-largest bank is hanging by a thread after President Micheal Sata cancelled the deal. PHOTO: businesslive.co.za

Zambian President, Michael Sata on Monday ordered his Finance Minister, Alexander Chikwanda to cancel the sale of FBZ and return it to its controlling business tycoon, Rajan Mahtani.

“I have been doing a search [on] the so-called sale of Finance Bank, there isn’t even any document for sale. Therefore, I am instructing the Ministry of Finance to take the bank back to the owners of the bank, immediately,” President Sata said in a verbal decree.

Related links:

Bloomberg

Business Day

Financial Times

 

 

 

 

 

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Comments
  1. Kilambe says:

    thank you very much for the info, but will it rearlly happen.

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