Zambia: Investrust Bank loans out K578bn
By NKOLE CHITALA
INVESTRUST Bank last year injected K9 billion in the expansion of three branch networks and loaned out K 578 billion. And the bank will launch the VISA green card and full internet banking products after investing K3 billion in the two new products this year.
The bank’s spokesperson Ackim Mwale said the bank opened Kafue, New Soweto Market and Chirundu branches under the expansion programme.
Mr Mwale said the bank’s medium-term strategy is to be present in all provincial centres.
“A lot of resources have already been committed to the planning phase, this is the overall strategy to bring banking closer to customers,” he said.
He said this in a statement released in Lusaka on January 24.
Mr Mwale said apart from investing in branch expansion, the bank has spent K3 billion on the introduction of new banking products.
He said the VISA green card cost the bank K2 billion while full internet banking with both account enquiry and transactional capability cost K1 billion.
Mr Mwale said the bank has also completed work to roll out a small and medium-scale enterprise (SME) product under the name ‘Kantemba’ account.
The account is aimed at catering for SMEs and will be operational early this year.
Meanwhile, Mr Mwale said the bank’s loan book stood at K473 billion as at end of December 2010.
He said the sectors covered under the loan book are agriculture, transport, construction, energy, manufacturing, mining and quarrying, trading and tourism.
He said K104 billion in loans was disbursed in 2010 while US$48 million was disbursed during the same period.
The bank’s gross loan book stood at K578 billion as at December, 2010.