April 19, 2021
By JAMES MUYANWA
ZAMBIA will be a post-COVID-19 economic success story as one of the emerging markets in Sub-Saharan Africa, the Bank of Nevis International (BONI) which recently acquired a 24-per cent stake in Investrust Bank, has said.
BONI believes that Zambia’s large copper reserves as well as the capacity to adopt new and innovative strategies across a number of sectors lend its economy to be one of the most valuable high-growth opportunities. BONI chief executive officer, Michael Prest said that the bank’s investment and support would better align Investrust Bank to serve local shareholders and secure its future in the regional commercial banking sector.
Mr Prest, who is expected in the country soon, said this in response to a Press query by the TIMES OF ZAMBIA in Lusaka. “Rapid population growth across the continent will strain essential services and existing forms of infrastructure during the decade to come. African-originated solutions will be key to how these challenges are adequately addressed, enhance what is already in place and future-proof against economic shocks,” he said.
He said BONI was prepared and ready to apply its global expertise to create homegrown solutions for Zambia.
BONI recently acquired 24.08 shares in Zambia’s Investrust Bank, now making it the second-largest shareholder after ZCCM Investments Holdings, the government mining-focused investment vehicle that has a 71.4-per cent stake.
As the name entails, BONI is from Nevis, a 36-square-mile island in the Caribbean Sea that forms part of the inner arc of the Leeward Islands chain of the West Indies. Mr Prest said the Caribbean and African nations shared a common history which BONI believed laid the groundwork for positive commercial links.
BONI will use its experience in commodities trading and global partnership networks to have access and grow African banking opportunities.
“By combining our long track-record of extracting value in commodities and global innovative banking solutions with Zambia’s economic prospects and the opportunity to expand on Investrust’s capabilities, we are able to not only extend our reach beyond our own geographic borders but promote the country as a magnet for foreign investment,” he said.
Investrust Bank’s acquisition is in line with BONI’s broader international expansion plans targeting new wealth management and migration investment clients in Sub-Saharan Africa.
Within its base on the island of Nevis in the east Caribbean, BONI is said to have provided holistic wealth and portfolio management for clients from around the world for more than two years now.
Last month, the Bank of Nevis International Trust Services (BONITS), a related business which offers migration investment, announced the launch of its first international office in Dubai which will focus on growing clients in Africa and the Middle East.
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