First Alliance Bank Zambia Limited Explained

First Alliance Bank Zambia Limited
Type:Private
Location:Lusaka, Zambia
Key People:Sanmukh R. Patel
Chairman
Kuldip Paliwal
Managing Director
Industry:Banking
Products:Loans, credit cards, savings, investments, mortgages
Revenue: Aftertax: ZMW:14,826,000 (US$575,582) (2019)
Assets:ZMW:940,577,000 (US$36,515,500) (2019)
Num Employees:112 (2019)
Homepage:Homepage

First Alliance Bank Zambia Limited (FABZL), also known as First Alliance Bank (Zambia), is a commercial bank in Zambia. It is licensed by Bank of Zambia, the central bank and national banking regulator.[1]

Location

The headquarters and main branch of the bank are located in Alliance House, at 627 Cairo Road, in the city of Lusaka, the capital and largest city of Zambia.[2] The geographical coordinates of the bank's headquarters are: 15°25'25.0"S, 28°16'57.0"E (Latitude:-15.423611; Longitude:28.282500).

Overview

FABZL is a small financial services provider in Zambia, providing retail banking 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 ZMW:940,577,000 (US$36.5 million), with shareholders' equity of ZMW:234,359,000 (US$9.1 million). At that time the bank employed 112 people.[3]

History

The bank was founded in 1994 by four businessmen, each controlling an equal shareholding position. Starting with one branch in Lusaka, 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.[4]

Ownership

The stock of First Alliance Bank Zambia Limited is privately held by five individuals. The table below shows the ownership percentage of each shareholder, as of September 2019:[5]

Rank !!Name of Owner!!Percentage Ownership
1Sanmukh R. Patel25.0
2Daxa Patel25.0
3Mahendra Patel25.0
4Vasant Patel24.0
5Nitesh Patel1.0
Total100.00

Branch network

The bank maintains five branches in the country, at the following locations, as of May 2018.[2]

  1. Main Branch: Alliance House, Cairo Road, Lusaka
  2. Industrial Branch: 5126 Lumumba Road, Lusaka
  3. East Park Branch: East Park Mall, First Floor, Unit D, at the corner of Thabo Mbeki Road and Great East Road, Lusaka
  4. Kitwe Branch: 8721 City Gate Office Park, President Avenue, Kitwe
  5. Ndola Branch: 16A President Avenue, Ndola.

Governance

The Chairman of the seven-person Board of Directors is Sanmukh R. Patel. The Managing Director is Kuldip Paliwal. The chairman is a shareholder in the bank.[3]

See also

External links

Notes and References

  1. Web site: List of Licensed Commercial Banks in Zambia . 1 May 2018 . 1 May 2018 . Lusaka . . Bank of Zambia . 21 June 2010 . https://web.archive.org/web/20100621132055/http://www.boz.zm/ . dead .
  2. Web site: The Branch Network of First Alliance Bank Zambia Limited . 1 May 2018 . 1 May 2018 . First Alliance Bank Zambia Limited . Lusaka . First Alliance Bank.
  3. Web site: PDF . Annual Report and Financial Statements for the Year Ended 31 December 2019 . 25 March 2020 . 18 December 2020 . First Alliance Bank Zambia Limited . First Alliance Bank . Lusaka.
  4. Web site: First Alliance Bank Zambia Limited: About Us . 1 May 2018 . 1 May 2018 . First Alliance Bank Zambia Limited . First Alliance Bank Zambia . Lusaka.
  5. Web site: The Shareholders in First Alliance Bank Zambia Limited . First Alliance Bank Zambia Limited . 25 September 2019 . 25 September 2019 . First Alliance Bank Zambia . Lusaka.