BoZ Places Intermarket Bank Under Liquidation

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Intermarket Banking Corporation Limited has been placed under liquidation according to the Bank of Zambia Communique.

In accordance with the Board Resolution passed on 22nd March 2019, at 14:25 hours, “INTERMARKET BANKING CORPORATION LIMITED has been placed into compulsory liquidation in accordance with section 127(1) of the Banking and Financial Services Act No. 7 of 2017” read part of the statement.

The statement further states that, a liquidation manager will be appointed by the Bank of Zambia to be in charge of the liquidation process. During the time of liquidation, the business operations of the bank will be restricted to realization of assets and discharging of obligations of the company.

The Bank of Zambia further stated that in accordance with Section 127(2) of the Banking and Financial Services Act, Directors, Shareholders, Depositors and Creditors of Intermarket Banking Corporation Limited have thirty (30) days from the date of notice to file an objection or appeal to the court.

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