At about the same time Capital Bank was being shut down by the Central Bank in Georgia, another bank associated with Zala Group was taken over by the authorities, and its assets seized. The bank was Intermarket Banking Corporation in Zambia. Local media reported:
Intermarket Banking Corporation has become the first victim of the Bank of Zambia stringent capital adequacy requirement which has forced the bank to become insolvent.
Closure seemed imminent. People lined up at the bank’s headquarters in Lusaka to demand their money back.
Zambia’s Central Bank released a statement saying:
The Bank of Zambia has determined that Intermarket Banking Corporation Zambia Limited is insolvent and not able to meet its obligations as they fall due.
The Bank of Zambia wishes to remind the general public that the decision to take over the affairs of Intermarket Banking Corporation, is intended to safeguard the interests of depositors and preserve the integrity of the financial system.
“…the Bank is not going into liquidation but is being restructured so that it meets its obligations and consequently its capitalization requirements to continue its normal operations.”
“…as a result of financial commitments by shareholders and a new equity partner, the Statement of Affairs of the Assets and Liabilities shows that IBC is now solvent.”