First Alliance Bank Zambia Limited
Encyclopedia
First Alliance Bank Zambia Limited (FABZL), also known as First Alliance Bank (Zambia), is a commercial bank in Zambia
. It is one of the eighteen (18) licensed commercial bank in the country. , it was one of the five commercial banks in Zambia that did not charge customers ATM
fees.
services to the communities it serves. Its niche market is the corporate clients in the mining and manufacturing sectors of the Zambian
economy. , the bank controlled total assets of approximately US$42 million, with shareholders' equity of approximately US$12.3 million.
, Zambia
's capital and largest city, the bank opened branches in other cities and towns in the country, focusing on the copper-belt region of the country.
of First Alliance Bank Zambia Limited is privately held by four individuals. The table below shows the ownership percentage of each shareholder:
{| style="font-size:100%;"
|-
| width="100%" align="center" | First Alliance Bank Zambia Limited Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Sanmukh R. Patel||25.0
|-
|2||Suresh K. Gupta||25.0
|-
|3||Vasant R. Patel||25.0
|-
|4||Mahendra R. Patel||25.0
|-
| ||Total||100.00
|-
|}
is Sanmukh R. Patel. The Executive Director is Suresh Gupta. Both are shareholders in the bank.
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
. It is one of the eighteen (18) licensed commercial bank in the country. , it was one of the five commercial banks in Zambia that did not charge customers ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
fees.
Overview
FABZL is a small financial services provider in Zambia, providing retail bankingRetail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
services to the communities it serves. Its niche market is the corporate clients in the mining and manufacturing sectors of the Zambian
Economy of Zambia
Zambia is one of Sub-Saharan Africa's most highly urbanized countries. About one-half of the country's 11.5 million people are concentrated in a few urban zones strung along the major transportation corridors, while rural areas are under-populated. Unemployment and underemployment are serious...
economy. , the bank controlled total assets of approximately US$42 million, with shareholders' equity of approximately US$12.3 million.
History
The bank was founded in 1994 by four businessmen, each controlling an equal shareholding position. Starting with one branch in LusakaLusaka
Lusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
, Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
's capital and largest city, the bank opened branches in other cities and towns in the country, focusing on the copper-belt region of the country.
Ownership
The stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of First Alliance Bank Zambia Limited is privately held by four individuals. The table below shows the ownership percentage of each shareholder:
{| style="font-size:100%;"
|-
| width="100%" align="center" | First Alliance Bank Zambia Limited Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Sanmukh R. Patel||25.0
|-
|2||Suresh K. Gupta||25.0
|-
|3||Vasant R. Patel||25.0
|-
|4||Mahendra R. Patel||25.0
|-
| ||Total||100.00
|-
|}
Branch network
The bank maintains three branches in the country, at the following locations:- Main Branch - Alliance House, Cairo Road, LusakaLusakaLusaka is the capital and largest city of Zambia. It is located in the southern part of the central plateau, at an elevation of about 1,300 metres . It has a population of about 1.7 million . It is a commercial centre as well as the centre of government, and the four main highways of Zambia head...
- Ndola Branch - NdolaNdolaNdola is the third largest city in Zambia, with a population of 495,000 . It is the industrial, commercial, on the Copperbelt, Zambia's copper-mining region, and capital of Copperbelt Province. It is also the commercial capital city of Zambia and has one of the three international airports, others...
- Kitwe Branch - KitweKitweKitwe is the second largest city in terms of size and population in Zambia. With a population of 547,700 Kitwe is one of the most developed commercial and industrial areas in the nation, alongside Ndola and Lusaka...
Governance
The Chairman of the Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
is Sanmukh R. Patel. The Executive Director is Suresh Gupta. Both are shareholders in the bank.