Intermarket Bank

Intermarket Bank was a commercial banking institution based in Lusaka, Zambia. It operated under the supervision and licensing framework of the Bank of Zambia, the country’s central bank and banking regulator. The institution served the Zambian market through a branch network that included locations in Lusaka and Kitwe, as well as an agency branch. Its operations formed part of the wider Intermarket financial-services structure, which also included Intermarket Securities, a securities business described as wholly owned by Intermarket Bank. A major ownership change took place in March 2010, when Afriland First Bank Group, a banking group headquartered in Yaoundé, Cameroon, acquired an 80% shareholding in Intermarket Bank at the direction of the Bank of Zambia. Sabre Capital, the former majority shareholder, retained a 20% stake. Afriland First Bank Group also acquired an 80% interest in Intermarket Securities. The new owners initially intended to retain the Intermarket name before moving the institution to the Afriland brand by 2013, although the planned rebranding did not define the bank’s eventual outcome. The bank remained headquartered in Lusaka and maintained branches at Lusaka Main, Manda Hill, New Soweto, Kamwala and Chawama, together with a NIPA agency branch. It also operated a branch in Kitwe. Publicly available historical material identifies Joseph Toubi as chairman of Intermarket Banking Corporation’s board and Robert Nkous as managing director from January 2012. These appointments reflected the bank’s connection with Afriland First Bank Group following the 2010 acquisition. Intermarket Bank ultimately encountered serious solvency and liquidity difficulties. The available account describes the bank as having liabilities exceeding its assets and as becoming unable to meet its financial obligations. In 2016, the Bank of Zambia seized and closed the institution on the grounds that it was insolvent and could not satisfy its obligations. In February 2017, the regulator announced plans to restructure the failed bank and enable it to resume operations. Following agreements with shareholders, the restructured institution reopened on 23 October 2018 under new ownership and management, using the name Zambia Industrial Commercial Bank. Accordingly, Intermarket Bank is best understood as a historical Zambian banking brand rather than an active institution. Its corporate identity ended through regulatory intervention and a subsequent restructuring, while its successor continued in a different legal and commercial form. No current website, public listing, ticker, founder, founding year or standalone financial figures are established in the supplied reference material.

Intermarket Bank was a Zambian commercial bank headquartered in Lusaka. The available historical record does not establish its founding year or founder, but identifies the institution as one of the commercial banks licensed by the Bank of Zambia. It operated in Zambia and maintained a network of branches and agency locations serving customers in Lusaka and Kitwe. The bank was connected to a broader Intermarket financial-services structure. Intermarket Securities was described as wholly owned by Intermarket Bank, giving the organization an affiliated securities-business component in addition to its commercial banking activities. The bank’s recorded locations included Lusaka Main Branch, Manda Hill Branch at Manda Hill Shopping Mall, New Soweto Branch, NIPA Agency Branch, Kamwala Branch and Chawama Branch in Lusaka, as well as a branch in Kitwe. In March 2010, following direction from the Bank of Zambia, Afriland First Bank Group acquired an 80% shareholding in Intermarket Bank. The Cameroon-based banking group also acquired an 80% interest in Intermarket Securities. Sabre Capital, which had previously been the majority shareholder, retained 20% of Intermarket Bank. Afriland planned initially to preserve the Intermarket name and later transition to the Afriland brand, with a proposed change by 2013. The supplied record does not confirm that this planned rebranding was completed. The ownership transition brought Afriland-linked leadership into the institution. Joseph Toubi, an Afriland First Bank Group executive vice president, was identified as chairman of the board of Intermarket Banking Corporation. Robert Nkous was identified as managing director from January 2012. Toubi’s wider career included banking, internal audit, business development and international-relations responsibilities within the Afriland group, but the available material does not provide a complete chronology of Intermarket Bank’s management. The bank later developed severe financial problems. Historical material states that its liabilities exceeded its assets and that it became difficult for the institution to honor its obligations. In 2016, the Bank of Zambia seized and closed Intermarket Bank because it was insolvent and unable to meet its financial commitments. This regulatory action ended the bank’s operation under its original identity. In February 2017, the Bank of Zambia announced that it would pursue a restructuring intended to allow the collapsed bank to reopen. Agreements were subsequently reached with the bank’s shareholders. On 23 October 2018, the restructured institution reopened with new shareholders and new management under the name Zambia Industrial Commercial Bank. The reopening represented a successor arrangement rather than a continuation of Intermarket Bank as an active brand. Intermarket Bank is therefore classified as defunct, with its historical significance resting on its role in Zambia’s commercial banking sector, its 2010 acquisition by Afriland First Bank Group, and its eventual regulatory closure and transformation into Zambia Industrial Commercial Bank.

• 2018

  Successor institution reopened

  [1]Intermarket Banken.wikipedia.org

  On 23 October, the restructured bank reopened under new shareholders and management as Zambia Industrial Commercial Bank.

• 2017

  Restructuring announced

  [1]Intermarket Banken.wikipedia.org

  The Bank of Zambia announced plans to restructure the collapsed bank and facilitate a possible reopening.

• 2016

  Regulatory seizure and closure

  [1]Intermarket Banken.wikipedia.org

  The Bank of Zambia seized and closed the bank after determining that it was insolvent and unable to meet its financial obligations.

• 2012

  Robert Nkous became managing director

  [1]Intermarket Banken.wikipedia.org

  Robert Nkous was identified as managing director of Intermarket Banking Corporation from January 2012.

• 2010

  Afriland First Bank Group acquired control

  [1]Intermarket Banken.wikipedia.org

  Afriland First Bank Group acquired 80% of Intermarket Bank at the direction of the Bank of Zambia, while Sabre Capital retained 20%. Afriland also acquired an 80% interest in Intermarket Securities.

A domestic Zambian commercial bank serving retail and business customers through a branch network, with an affiliated securities operation. Its later history was shaped more by ownership change, regulatory supervision and restructuring than by a documented consumer-facing brand proposition.

• Commercial banking

  Commercial banking services

  Intermarket Bank operated as a licensed commercial bank in Zambia. The supplied historical material does not provide a detailed product catalogue, pricing schedule or specific account names, but its branch network indicates a conventional customer-facing banking model serving the domestic market.

• Securities services

  Intermarket Securities

  Intermarket Securities was the securities business associated with Intermarket Bank and was described as wholly owned by the bank. Afriland First Bank Group acquired an 80% interest in it alongside its 2010 acquisition of Intermarket Bank. Specific services and products are not detailed in the available reference.

• 2017

  Restructuring of the collapsed bankStrategy

  Background

  Following the 2016 closure, the Bank of Zambia sought a path that could enable the bank to resume operations.

  Action taken

  The central bank announced a restructuring process and later reached agreements with shareholders.

  Aftermath

  The restructured institution reopened in October 2018 with new shareholders and management under the Zambia Industrial Commercial Bank name.

  Source

• 2016

  Bank seized and closed for insolvencyOther

  Background

  The bank was described as having liabilities exceeding its assets and as being unable to meet its financial obligations.

  Action taken

  The Bank of Zambia seized and closed Intermarket Bank.

  Aftermath

  The institution ceased operating under the Intermarket Bank name. A later regulatory restructuring produced a successor institution.

  Source

• 2010

  Control transferred to Afriland First Bank GroupM&A

  Background

  The Bank of Zambia directed a change in ownership as Afriland First Bank Group acquired an 80% shareholding in Intermarket Bank. Sabre Capital retained the remaining 20% identified in the historical record.

  Action taken

  Afriland took control of Intermarket Bank and acquired an 80% interest in affiliated Intermarket Securities. The group intended to retain the Intermarket name initially and later move to the Afriland brand.

  Aftermath

  The bank operated with Afriland-linked ownership and management, but later became subject to regulatory closure and restructuring.

  Source

1. 1Intermarket Banken.wikipedia.org