[1] In November 2016, the Bank of Zambia took possession of the Intermarket Banking Corporation Zambia Limited, a commercial bank, which had become insolvent and unable to meet its financial obligations.
The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution.
[2] The restructured bank opened for business on 23 October 2018, in Lusaka, Zambia's capital city, with new shareholders and under new management, in a ceremony presided over by the then Minister of Finance, Margaret Mwanakatwe.
[3] As of February 2020[update], the bank's stock was owned by the following corporate entities:[4] As of November 2019, the bank maintained a network of branches in the cities of Lusaka, the capital and Kitwe, in the Copperbelt Province.
[5] The chairman of the seven-person board of directors is Charles Sichangwa.