Wednesday, 11 May 2011

CITI BANK ZAMBIA LIMITED RECORDS REVENUE OF CLOSE TO 165BILLION KWACHA IN THE YEAR 2010

CITI BANK ZAMBIA LIMITED , ONE OF  THE LARGEST UNITED STATES INVESTMENTS IN THE COUNTRY WITH A CAPITAL BASE OF 370BILLION KWACHA AND ASSETS OF 1.5TRILLION KWACHA GLOBALLY  RECORDED REVENUE OF CLOSE TO 165BILLION KWACHA IN THE YEAR 2010.
CITI BANK ZAMBIA WHICH RECENTLY ANNOUNCED A 4PERCENT REDUCTION IN ITS BASE LENDING RATES TO 15PERCENT FROM 19PERCENT ALSO PAID TAXES TO THE ZAMBIAN TREASURY IN EXCESS OF 53BILLION KWACHA IN THE YEAR ENDED 2010.
THE BANK, WHOSE HEADQUARTERS ARE IN LONDON AND OPERATES IN SEVERAL AFRICAN COUNTRIES THROUGH FINCA BANK ZAMBIA, HAS BEEN ABLE TO ASSIST IN PROVIDING MICRO FINANCE TO THE VULNERABLE IN SOCIETY BY GIVING OVER 320MILLION KWACHA FOR THE PAST 7YEARS.
UNDER ITS JUNIOR ACHIEVEMENT WHICH IS A WORLD WIDE NON GOVERNMENTAL ORGANIZATION AIMED AT EMPOWERING THE YOUTH TO ENHANCE THEIR FINANCIAL LITERACY AND ENTREPRENEURSHIP SKILL, THE BANK HAS SPENT ABOUT 470MILLION KWACHA.
CITI BANK’S MAIN FOCUS IS ON SUPPORTING INDUSTRIES IN ZAMBIA TO ENHANCE ECONOMIC GROWTH AND SOME OF THE INDUSTRIES ARE MINING, MANUFACTURING, ENERGY, RETAILING AND AGRICULTURE AND ITS MOST SIGNIFICANT RECENT DEAL OF THE YEAR WAS THE ZAMBIA SUGAR EXPANSION DEAL WHICH IS THE LARGEST SYNDICATE LOCAL CURRENCY DEBT IN THE COUNTRY.
AND CITI BANK THROUGH ITS ZAMBIAN BRANCH MANAGING DIRECTOR JOYCE WAINAINA HAS ESTIMATED THE THAT THE REGIONAL FINANCIAL SERVICES WALLET IN AFRICA IS AROUND $1TRILLION WITH THE KEY GROWTH DRIVERS BEING EMERGING MARKETS.
published by augustine

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