Intermarket Banking Corporation became the first victim of the Bank of Zambia stringent capital adequacy requirement which had forced the bank to become insolvent.
However Finance Minister Felix Mutati said that the Bank will re-open within 30 days following financial commitments from the shareholders and new equity partners.
Mutati said the state of affairs of the assets and liabilities shows that Intermarket Banking Corporation Zambia Limited (IBC) is now solvent.
Depositors and other clients will be watching the situation closely but Mutati says that depositors, creditors and the general public will, be advised on the further steps to be taken by the Bank in the process of effecting the restructuring of IBC in line with the relevant provisions of the BFSA.
Clients were left in the cold when the abrupt closure was effected with some camping at the premises in vain.