Zambia: Stanchart Budgets K15 Billion for Expansion Project

STANDARD Chartered (Stanchart) Bank will invest more than K15 billion in expanding its banking footprint in Zambia.

Standard Chartered Bank head of consumer banking Sonny Zulu said the bank would this year invest over K15 billion to add six additional branches in Zambia saying the bank was committed to increasing its footprint by more than 100 new branches in Africa.

“As the bank we have increased our investment in Africa as a whole and we are attracting a lot of investment in expanding the network and across Africa we have committed this year that we are going to increase our footprint by over 100 new branches and six of those are going to be in Zambia which currently are under development,” Mr Zulu said.

He said the bank was committed to servicing its customers regardless of where they are located.

Recently the bank opened the Jacaranda branch in Ndola to enhance the customer experience in the Copperbelt Province.

And Stanchart managing director Mizinga Melu said the bank had projected to grow the mortgage book by K303 billion by the end of 2013, with year on year growth of 21 per cent.

“As an integral part of the Zambian economy, we strive to lead the market in performance and in providing innovating products and services to our customers.

“In further enhancing our portfolio of solutions to our customers, we recently relaunched our mortgage products and this is accessible to all qualifying customer,” Ms Melu said.