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He said the listing of the bank was a desire he has held for a long time. It was driven by a number of qualitative value addition advantages, aimed at taking Finance Bank to another level.
‘Having ‘plc’ after a business name represents permanence, stability and credibility.
‘Moreover, it conveys the dedication of its shareholders towards ‘good governance’ in ensuring the success of the business beyond the immediate future. In this regard the business is likely to draw more customers, partners and attention from both the local and international communities.’
Mahtani’s flagship Bank had a deposit base of K2.4 billion and loan size of over K1.4 (billion) as at 31st December 2014.
It will pay K90 million in taxes to the treasury for its 2014 business transactions.
Finance Bank began as a greenfield venture 28 years ago in 1987 after obtaining its operating license in 1986. From a single branch the bank has grown to 58 outlets and has 122 automated teller machines spread in all 10 provinces in the country.
Finance Bank’s staff stands at 820 from 25 when it opened its doors. Equally impressive is its gender balance that is 60% in favour of women.
It was converted into a public limited company last year on September 16 and was subsequently listed on the Lusaka Stock Exchange on November 18.
Speaking on the bank’s history Mahtani acknowledged that the bank has had a turbulent history but has remained strong.
‘We have had more bricks than one needs, but our foundation is firm with principles of honesty, hard work, reliability, adoptability and innovation.
The listing on the stock exchange is not expected to exceed March 31st.
‘We are almost confident also of listing on the London Stock Exchange soon thereafter,’ Mahtani said.
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