West Indies based Bank of Nevis has acquired a stake in Zambian based and LUSE listed Investrust Bank, according to a SENS announcement from Investrust.
“In compliance with Section 157 of the Securities Act No. 41 of 2016, INVESTRUST hereby notifies its shareholders and the market that, that between 5th and 15th March 2021, Bank of Nevis International Limited (“BONI”) acquired a total number of 1,966,199 ordinary shares, representing a 24.08% shareholding in Investrust which is a significant acquisition that requires a market announcement”, read the statement published on 19th March 2021 issued by Company Secretary Brian Msidi on behalf of the Investrust Board in Lusaka.
According to the statement, BONI was incorporated under the Nevis Companies Ordinance, Cap 7.06 of the laws of St. Christopher and Nevis, on 29th April 1998 and commenced operations on 1st July 1998. BONI is also a financial institution regulated by the regulator of international banking in Nevis and the Financial Services Regulatory Commission.
ZCCM IH also holds a stake in the bank and the move can be seen as a strategic initiative that will see the local bank being further capitalized.
“BONI has a 23-year legacy position and is the Island of Nevis’s first international bank and carries the island’s name with an acute sense of responsibility. It is a well-run and highly profitable institution. It offers a modern inclusive banking experience to its global customers from all over the world: North America, Europe, UAE, Africa, South East Asia, China, the wider Caribbean and Australia”.
Despite the current fiscal challenges faced by the country, “BONI’s decision to acquire the stake and invest in the Bank is driven by the long term positive economic outlook for the Republic of Zambia and reflects its confidence in the investment climate of the country in a post Covid-19 world”.
