Zambia National Commercial Bank
Zambia National Commercial Bank, commonly referred to by the name "Zanaco", is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator. In 2021, Zanaco became the first bank in Zambia to register ZMW1bn in profit after tax.
Location
The bank's headquarters and main branch are located in Zanaco House, at the corner of Cairo Road and Chainda Place, in the central business district of Lusaka, the capital and largest city in Zambia. The address is 2118–2121 Cairo Road, Lusaka, Zambia. The coordinates of the bank's headquarters are: 15°25'25.0"S, 28°17'00.0"E.History
Zanaco was founded in 1969 by the Government of Zambia. Prior to 2007, the bank was 100 percent owned by the government. In that year, 49 percent of its shares were sold to the Rabobank Group, a banking company from the Netherlands. In 2008, the shares of Zanaco were listed on the Lusaka Stock Exchange, where they trade under the symbol: '''. According to the bank's quarterly financial statements as at 30 June 2022, net income was ZMW29.42m. The current shareholding in the bank is detailed under ownership.Overview
Zanaco is one of the largest financial services providers in Zambia., the bank's total assets were valued at ZMW35.97 billion with shareholders' equity of ZMW2.980 billion. In 2021, the Bank attained a historical milestone when it became the first Zambian Bank to record ZMW1 billion in profit after tax. The achievement wasmainly attributed to accelerated revenue from initiatives from both funded and non-funded opportunities coupled with a successful realization of a cost containment framework.
The bank repeated the feat in 2022 when it registered PAT of ZMW1.203 billion after 11% growth in revenue following the implementation of various strategic initiatives such as embedding of sustainability into strategic plans and initiatives, expansion of product offering to match customer needs, improvement of customer touch points to enhance service delivery and expansion of the bank's digital footprint.
In October 2022, the bank secured a US$ 50.0 million credit line with British International Investment Company for onward lending to the small and medium sized businesses and green financing.
Awards in 2022
The Bank received the following awards in 2022:Best Private Bank in Zambia Award, by International Finance AwardsBest Bank in Zambia Award, by Euromoney Best Retail Bank in Zambia, by Global Banking and FinanceBest Products of the Year for SME, Gender, and Children, at the Inaugural Banking & Finance Awards, by the Zambia Institute of Banking and Financial ServicesBest Banking App Award, by Zambia E-Commerce AwardsSustainability Award, Corporate Governance Award, by Lusaka Securities ExchangeOmni-Channel Excellence Award, by the Chartered Institute of Customer Management Bank of the Year Award, by Kitwe and District Chamber of Commerce and IndustryBest Commercial Exhibit, Best Banking Exhibit, Second Place - Best LuSE Company Exhibit, at the Agricultural Commercial ShowBest Sponsorship Marketing Excellence of the Year, Most Creative Outdoor Advertisement, by the Zambia Institute of MarketingOwnership
, the banks's stock was owned by the following corporate entities and individuals:| Rank | Name of Owner | Percentage Ownership |
| 1 | Arise BV* | 45.59 |
| 2 | Industrial Development Corporation | 25.00 |
| 3 | Public | 19.41 |
| 4 | National Pension Scheme Authority | 10.00 |
| TOTAL | 100.00 |
∗Arise BV is an investment company co-owned by Rabobank, Netherlands Development Finance Company and Norfund.