The Finance Bank of Zambia has gone from strength to strength in the past 20 years. It has not only managed to attain the position of a perennial source of finance in Zambia, but has also offered numerous employment opportunities to the locals. The most recent development for FBZ has come in the form of its enlistment on the Lusaka Stock Exchange (LuSE). As per confirmed reports, FBZ will start its share trading operations by the April 2015.
The Finance Bank of Zambia was earlier a private company. In September 2014, the same was converted into a public limited company whereby it became eligible to trade on the stock exchange. The motive behind this step is to float 25% of the shares of FBZ in the market with an intent to raise USD $250 million. The pioneer of this development, Dr. Rajan Mahtani, has worked very hard to bring a radical change in the banking sector of Zambia.
In a press conference arranged in November 2014, Dr. Mahtani hinted that his bank was looking for a dual listing mechanism whereby FBZ would be entitled to operate simultaneously on the Alternative Investment Market of the London Stock Exchange. The journey of FBZ has been full of ups and downs. It has not seen an appreciation in its value, but has also encountered various allegations in its name which included defamation on account of money laundering and illegal operation. However, it has never demotivated Dr. Rajan Mahtani to hinder his dedication.
