Industrial Credit Company Ltd (ICC) has appointed Ms Chilufya Mbalashi, former Deputy Governor of the Bank of Zambia and Mr. Bill Saunders, Senior Partner for BDO Spencer Steward Zambia, to the Board. The appointment is pursuant to the retirements of Messrs Charles Sichangwa and Trevor Evans. Ms Mbalashi brings with her a wealth of experience from a broad exposure within the financial sector. Ms Mbalashi holds a Master of Law Degree s from Harvard, Massachusetts, USA as well as a Bachelor of Law Degree from the University of Zambia and was admitted to the Zambian Bar as advocate of the High Court in 1982. Mr. Saunders is a well-reputed Chartered Accountant in Zambia.

General Manager & CEO of ICC, Max Honde, commented that these appointments come at an opportune moment, with the lines of credit which have recently been made available to ICC providing the necessary capital for ICC's expansion plans. Mr. Honde stressed that “For any leasing company to succeed, the four major pillars (Regulatory, Accounting, Legislature, and Tax) in the leasing business have to be right. We are proud to welcome such prominent members of the Zambian banking and accounting community onto our Board. This move as well as our expansion plans both within and out of Zambia, reinforces our statement of our commitment to the leasing market within Africa” said Mr. Honde.

In a related development, Mr Max Honde has been appointed as Vice President, responsible for Southern Africa region, for the Africa Leasing Association (Afrolease), whose secretariat is in Nigeria. Honde, who is also Interim President for the Zambia Leasing Association (Zamlease) has served on the Afrolease board of governors since September 2002.

The Industrial Credit Company (ICC) has been the longstanding leader amongst Zambian financial institutions and joined the Loita Group in 2000. From strategic bases in the Copperbelt center of Ndola and the capital of Lusaka, ICC commands nearly 70% of the market share in lease finance. It leverages from its strong asset base and healthy portfolio to offer service & market-specific products to its clients, who represent the breadth of Zambia's business sector, from mining and agriculture to manufacturing, transport, trading, construction and finance and other service industries.