The Bank of Zambia (BoZ) has taken over the possession of Invest Trust Bank after declaring it insolvent.

Bank of Zambia Assistant Director for Communications Besnat Mwanza in a statement issued to ZANIS said this is due to the Bank’s failure to comply with banking regulations and financial difficulties faced by the bank.

She said this is also part of its efforts to safeguard the interests of the public and maintain the integrity of the financial system.

Ms. Mwanza explained that the bank is also working with key stakeholders including government on mechanisms for depositors not to lose any of their money and urged them to remain calm as implementations of the resolution mechanisms are being worked on

She said an announcement to this effect will be made as and when the arrangements are finalised.

She stated that during the procession period, the Bank of Zambia will, in accordance with the law, prepare a statement of affairs of the bank to establish the full extent of the insolvency of the bank and serve as basis for the full resolution of the matter.