Zambia Central Says Finance Bank Under Temporary Supervision
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The Central Bank of Zambia said it took over operations of Finance Bank Zambia Ltd. for “supervisory purposes” after an investigation uncovered breaches of the country’s Financial Act by the bank’s directors.
Zambia’s Central Bank will take over running of the bank for at least 90 days and can extend the supervision, depending on the action that is required, Kanguya Mayondi, a spokesman for the Central Bank, said in Lusaka today. Finance Bank Zambia is partially owned by Credit Suisse Group AG and is the country’s largest privately owned lender.