Bank of Zambia outlines resolution plan for failed lender
Balances of 99.8% of IBC depositors will be restored in full under new arrangement
The Bank of Zambia will establish a new commercial bank as part of its resolution process to save Intermarket Banking Corporation (IBC) after it became insolvent last year.
In new plans published today (October 9), the central bank apologises to depositors for the prolonged decision process, which was first announced in February 2017.
“We are cognisant of the challenges and suffering that most of the depositors and employees of the bank are enduring following the closure of IBC,” says Bwalya
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