The Bank of Nevis International Limited has acquired a 24-point 08 per cent stake in Investrust Bank Plc.
Following the acquisition, Bank of Nevis International Limited -BONI- which is from an island off the coast of Mexico and Venezuela becomes the second largest shareholder after ZCCM-IH Plc which holds 71 point 4 per cent.
This is according to a statement availed to ZNBC News by Investrust Bank Plc Head Corporate Affairs and Marketing, Maria Karima.
Ms. Karima has explained that BONI’s decision to acquire the stake and invest in Zambia is driven by the long term positive economic outlook for Zambia.
She said the decision is also a reflection of BONI’s confidence in the investment climate of the country in a post Covid-19 world.
And commenting on the acquisition by the new strategic partner, ZCCM-IH Chief Executive officer Mabvuto Chipata stated that the new strategic partner will spur growth and turn around the Bank.
And ZCCM-IH and Industrial Development Corporation-IDC are in the process of undertaking a share swap by which ZCCM-IH will transfer its 71-point 4 percent stake in Investrust to IDC.
IDC Group Chief Executive Officer Mateyo Kaluba has welcomed the investment in Investrust by BONI.
He said the investment 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.
The parties have further agreed to leverage their respective synergies to mutually explore other areas of co-operation and investment.