Finance Bank Zambia (FBZ) has submitted the required applications to the Zambia Securities and Exchange Commission (SEC) to list the bank on the Lusaka Stock Exchange (LuSE).
According to the Chairman of Finance Bank Zambia, Rajan Mahtani, the bank will be listed on the LuSE during the first quarter of 2015 and will raise USD 250 by offering 25% of its shares to the public and to institutional investors.
Mr. Mahtani went on to indicate that the bank, which is owned by the Mahtani Group of Companies, is also considering a dual listing at the London Stock Exchange Alternative Investment Market (AIM).
Additionally, the finance bank is reportedly also preparing to launch operations in Malawi beginning as early as December 15 with plans to open additional branches in Zimbabwe by early 2015.
FBZ was incorporated in Zambia on September 23, 1986 and now employs approximately 600 personnel across 34 branches and 16 agencies in all Zambian provinces.