9 November 2015, Zambia- The latest reports from BacABC has confirmed that they are planning to take over the sixth largest commercial bank in Zambia- The Finance Bank of Zambia. The news was confirmed by Atlas Mara, a unit whose holds a majority of shares for BancABC. The plan has been welcomed by the former Chairman of FBZ, Dr. Rajan Mahtani.As per the current statistics, the total asset value of the Finance Bank Zambia is estimated close to USD $ 261 million and after this deal the combined worth of assets would jump to USD $ 418 million, making BancABC the largest bank in Zambia.
Collins, an employee of Finance Bank Zambia comments, “It is a matter of pride for us that BancARC is planning to take over our bank. Being the sixth largest bank in Zambia, we have already made our presence felt and with this development, we will soon be ruling as the largest bank in Zambia. Dr. Rajan Mahtani is also an integral part of Atlas Mara and therefore, we need not worry about our future with BancABC.”
The statement has made it obvious that Dr. Rajan Mahtani has once again played a masterstroke by ensuring that Zambia continues to move ahead towards prosperity and development. This deal with rewrite the history of developments in Zambia very soon. The takeover would take place in cash as well as in shares. About USD $ 60 million would be paid to FBZ along with shares of worth USD $ 2.6 million.
About Dr. Rajan Mahtani
Website: http://www.drrajanmahtani.com/
Dr. Rajan Mahtani is an eminent businessman in Zambia. His contributions in the realm of Zambia’s development have made him popular amongst the locals. He has played a key role in BancABC’s takeover of Finance Bank Zambia.