Bank of Zambia appoints ZICB to manage depositors funds at failed Investrust Bank

The Bank of Zambia (BoZ) has announced the compulsory liquidation of Investrust Bank Zambia Limited and appointed Zambia Industrial Commercial Bank (ZICB) to manage depositors’ funds.

“Investrust Bank Plc (In Possession) has been placed under compulsory liquidation to deal with residual matters,” BoZ stated.

In a notice on its website Monday, BoZ detailed that it had entered into a purchase and assumption transaction with ZICB to handle customers’ outstanding deposit balances.

As a result, customers with outstanding deposits at Investrust Bank Plc (In Possession) will have their deposits transferred to ZICB.

The Central Bank has advised customers to access their new accounts at ZICB from July 15, 2024.

This decision followed Investrust Bank’s declaration of insolvency two months ago, prompting BoZ to take possession of the bank to protect stakeholders’ interests in accordance with the Financial and Regulations Act.

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