Business

Don’t close Stanchart in Chililabombwe-MP

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Minister of Mines and Minerals Development Richard Musukwa has appealed to Standard Chartered Bank Zambia not to close its branch in Chililabombwe.

He said the branch has a huge trade volumes at Kasumbalesa border post that the bank handles.

Mr Musukwa who is also Chililabombwe Member of Parliament said Standard Chartered branch in the district is a transactional branch for major accounts held across the country by people who do business at Kasumbalesa border post.

He also said that the trade volume for Kusumbalesa border alone is estimated around US$10 million to US$20 million dollars.

Mr Musukwa has advised the bank to instead engage all stake holders and listen to their concerns before going ahead with the closure.

He said closing the branch will negatively affect business operations in the Mining town which will in turn negatively impact people.

“Government wants to see the private sector thrive but they should do this by putting interests of Zambians first,” he said.

Mr Musukwa was speaking in Lusaka when he held a meeting with Standard Chartered bank Zambia Managing Director Herman Kasekende.

Mr Kasekende assured the Minister that his bank will take into consideration concerns raised by stake holders.

He said the bank will dispatch a team of experts that will explain further how his financial institution intends to carry out operations going forward.

Standard Chartered bank Zambia has a public notice circulating in the media stating that it intends to close its branch in Chililabombwe.

This is contained in a statement issued by Ministry of Mines And Minerals Development Public Relations Officer Lucy Shawa

The Independent Observer

John Sakala is a Journalist yearning for independent journalism

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