Zambia’s biggest bank by asset size Stanbic Bank cemented a structured asset and trade finance solution for Lafarge Plc transporters. This comes at a time when the LuSE listed mining and quarry entity is supporting a construction boom in Africa’s copper producer that has deliberately embarked on infrastructure developments to position itself for solid growth. Cement is a key input in the construction equation which Lafarge is major producer of. The collaboration on the memorandum of understanding is reflection of a perfect alignment with the growth agenda of the copper producer in not only oiling the wheels of growth but customer centricity, in this case meeting the transporter needs.
The bank will not only finance the vehicle and asset & trade deals but will also sell insurance to Lafarge transporters through its prestigious subsidiary Stanbic Insurance Brokers – SIBZ.
“As a bank that prides itself in driving Zambia’s growth, we would be failing in our duties if we did not provide an environment where our customers have ready access to financial and business solutions that can help grow their businesses and better manage their wealth. And that is why it is with great pleasure that as Zambia’s leading bank, we are partnering with Lafarge, the country’s longest-standing cement producer, to provide accessible financial solutions such as Vehicle and Asset Finance (VAF), Trade Finance and insurance to Lafarge transporters,” Stanbic Bank Chief Executive Leina Gabaraane said.
“Lafarge’s main goal during its 70 years of existence is to be the leader in the construction sector while also developing innovative products and services that ‘make building of people’s dream homes a reality. I urge all Lafarge transporters to make use of this partnership and access financing for fleet expansion or fleet replacement so that they can continue providing a safe, reliable and cost-effective service and help add value to the Zambian economy whilst creating more employment opportunities,” Lafarge Chief Executive Officer Jimmy Khan said.
The ceremony was flanked by Stanbic and Lafarge senior executives at Stanbic House in Lusaka.