LUSAKA – Zambia has shortlisted three companies for its planned sale of a 49 per cent stake in the state-owned Zambia National Commercial Bank (Zanaco), the Zambia Privatization Agency (ZPA) said yesterday.
The companies are Zambezi Consortium Limited, Dutch group Rabo Bank and the Industrial Credit Company Consortium (ICC), ZPA spokesman Alphonsius Hamachila said. Zambezi Consortium comprises Zambian investment management company Executive Capital Management and Africa International Finance Holdings (AIFH) – the largest investment fund dedicated to banking in sub-Saharan Africa, excluding South Africa.ICC comprises the National Pensions Scheme Authority of Zambia, Workers Compensation Fund, UK firm Lyall Investments, business advisers Ernst and Young, and Zambian individuals.Rabo Bank was bidding as a single entity.The latest opening of bids came after the collapse of initial talks between South African bank Absa and the Zambian government on a possible sale, which led to Zambia re-advertising its intentions to offload the Zanaco stake.Zambia’s Treasury had said that Absa and fellow South African major Nedbank had shown interest in bidding for Zanaco, but it appeared they had not entered the fray.South Africa’s financial muscle was not entirely absent though.A third South African bank, FirstRand, has invested US$30 million (N$192 million) in AIFH.Zambia’s criteria for an international bank or consortium of banks to purchase the Zanaco stake include having total assets amounting to at least US$500 million.- Nampa-ReutersZambezi Consortium comprises Zambian investment management company Executive Capital Management and Africa International Finance Holdings (AIFH) – the largest investment fund dedicated to banking in sub-Saharan Africa, excluding South Africa.ICC comprises the National Pensions Scheme Authority of Zambia, Workers Compensation Fund, UK firm Lyall Investments, business advisers Ernst and Young, and Zambian individuals.Rabo Bank was bidding as a single entity.The latest opening of bids came after the collapse of initial talks between South African bank Absa and the Zambian government on a possible sale, which led to Zambia re-advertising its intentions to offload the Zanaco stake.Zambia’s Treasury had said that Absa and fellow South African major Nedbank had shown interest in bidding for Zanaco, but it appeared they had not entered the fray.South Africa’s financial muscle was not entirely absent though.A third South African bank, FirstRand, has invested US$30 million (N$192 million) in AIFH.Zambia’s criteria for an international bank or consortium of banks to purchase the Zanaco stake include having total assets amounting to at least US$500 million.- Nampa-Reuters
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