Global firm acquires 24% stake in Investrust
Written by Millennium on March 23, 2021
AN international financial firm has acquired a 24.08 percent stake in Investrust Bank Plc, an investment decision driven by Zambia’s long term positive economic outlook.
The firm, Bank of Nervis International Limited (BONI), becomes the second largest shareholder after ZCCM-IH Plc which holds 71.4 per cent.
According to a statement, the investment decision is a reflection of BONI’s confidence in the investment climate of Zambia.
BONI Chief Executive Officer, Michael Prest, said the people of the Caribbean and Africa shared a common heritage and a common history.
Mr Prest said the opportunities for retail, commercial and investment banking and fintech necessitated expansion of the commercial links.
He said the links could be between the Caribbean and Africa where a pipeline of African originated banking opportunities can be accessed, affordably priced and successfully executed.
BONI will use its platform, capabilities, depth of international commodities trading experience and network of global partners.
It will also use its and access to global High Net Worth Investors/Individuals (HNWI’s), to have a significant and positive impact on Investrust’s financial performance.
The organisation will assist with the achievement of the myriad goals that ZCCM-IH and Zambia are pursuing internationally.
Commenting on the acquisition, ZCCM-IH Chief Executive officer, Mabvuto Chipata, stated that the coming on board of a strategic partner with a robust experience in the sector was timely for sparing growth and turning around the bank.
As part of the Industrial Development Corporation (IDC) Group rationalisation and reorganization, ZCCM-IH and IDC are in the process of undertaking a share swap by which ZCCM-IH will transfer its 71.4 percent stake in Investrust to IDC.
IDC Group Chief Executive Officer, Mateyo Kaluba, welcomed the acquisition by BONI stating that the investment by BONI validates the IDC’s confidence in the future of Investrust Bank as a long-term strategic player in the growth of the Zambian economy particularly in the mining and agriculture sectors.
“We look forward to strengthening this new partnership and to working with BONI in making Investrust Bank Plc a key player in the Zambian financial sector,” Mr Kaluba said.
The parties have further agreed to leverage their respective synergies to mutually explore other areas of co-operation and investment.
BONI is a financial institution regulated by the regulator of international banking in Nevis and the Financial Services Regulatory Commission.
BONI has a 23-year legacy position and is the Island of Nevis’s first international bank and carries the island’s name with an acute sense of responsibility.
It is a well-run and highly profitable institution. It offers a modern inclusive banking experience to its global customers from all over the world: North America, Europe, UAE, Africa, South East Asia, China, the wider Caribbean and Australia.