##saka stock exchange i am informed that due to the phenomenal growth of the bank, management and shareholders have agreed to move the bank up the ladder to the listed tier of lusaka stock exchange very soon. this has become necessary in order to raise more requisite capital and enhance the bank ’ s profile and oversight. this is an important step as it will mean that the bank will broaden public participation in its ownership and other public institutions will now participate as well. i therefore call upon zambians and parastatals to take up shares in the bank. i am told that the bank is about to venture into new products such as women empowerment loans and islamic banking. we at the central bank welcome innovations such as empowerment loans but urge caution with products such as islamic loans since an innovation of this nature needs close collaboration with the regulatory authority. 7. closing remarks in closing, mr managing director, having celebrated your 10th anniversary i urge you not sit on your laurels. may this be a time of serious reflection as you chart your path towards celebrating your next 10 years and beyond! i look forward to investrust bank plc being represented in other countries as well. regarding the strategic planning session that we are gathered here for, i wish to commend you, mr managing director for coming up with this initiative. every organization needs to plan its future actions and activities. this is a process that must be embraced by all top management. although only senior managers are represented here today it is my expectation that what ever you will be discussing will have benefited from lower levels of your bank. for your plan to succeed it is important that all senior managers embrace the plan whole heartedly. with these remarks, i declare the strategic planning conference of investrust bank plc officially open. i thank you all.

denny h kalyalya : zambian financial sector – responding to the needs of business speech by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the opening of standard chartered bank zambia solwezi branch, solwezi, 10 december 2008. * * * the minister of commerce, trade and industry, hon. felix mutati the minister, north - western province, hon. joseph mulyata the chairman of the board of standard chartered bank zambia, mr. george sokota his worship the mayor of solwezi the managing director of standard chartered bank, mrs. mizinga melu distinguished guests members of the press ladies and gentlemen i am pleased to be here at the official opening of the new solwezi branch of standard chartered bank zambia limited. ladies and gentlemen, recent times have shown a proliferation of commercial bank branches in areas which had previously been considered unattractive for business. rural areas had even experienced closures where banks felt that they were unable to establish a case for business. the economic environment that the government created through the reforms instituted in the early 1990 ’ s has given new confidence to investors and has provided an opportunity for businesses to grow, thereby attracting banks to the areas which were deprived of basic financial services. the opening of this branch today, in a town which has attracted major investments, is a demonstration that the financial sector is indeed, now responding to the needs of business. the world ’ s financial markets have been plunged into turmoil which some say is unprecedented, or at least comparable to the levels experienced in the most severe financial crises of the last century. notwithstanding this, our financial system has demonstrated a level of stability which to an extent has been derived from the strong capital positions that have characterised the zambian banking industry in the past few years. however, this turbulence has already resulted in a reduction in projected global economic growth and a decline in demand for africa ’ s exports. notwithstanding this, we remain confident that the banking sector will continue to show resilience and expansion through branch networks, thereby acting as a channel through which services will be extended to the financially excluded. ladies and gentlemen, a recent survey established that fewer than 15 % of the zambian adult population have access to the services provided by commercial banks. the key reasons for this low level of access were cited as the distance that needs to be overcome in order to access the services and the cost of these services. it is therefore a welcome development that commercial