FNB In The Dark Over Reversed Sale Of Finance Bank

South Africa’s FirstRand Bank says it has not received any formal notification that its $5.4 million purchase of Finance Bank Zambia Limited has been reversed.

FirstRand’s chief executive Sizwe Nxasana told Reuters that they will continue to liaise with the Bank of Zambia which was the counterparty responsible for the transaction.

He promised to give a comprehensive statement once they have gotten clarity.

Republican President Michael Sata said there was no document of the sale and directed the treasury to hand the bank, seized by the central bank in 2010, back to its former owners.

Former Finance Bank Chairman Rajan Mahtani who was at State house when the President made the announcement expressed happiness at the move.

A visibly happy Dr. Mahtani expressed gratitude to the President and assured employees of the bank that their jobs were now secure as things will go back to normal.

Dr. Mahtani stated that after the bank was sold by the MMD government, Finance Bank employees worked under uncertainties as they were not sure if they would keep their jobs under the new owners.

He said now that he is taking over the bank, workers will be assured of job security and conducive working conditions.