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Subsequently, agreement was reached with the shareholders of the collapsed bank, on how the bank could be re-opened. The National Pension Scheme Authority (NAPSA), a depositor in the collapsed bank opted to convert its ZMW50 million (approximately US$3.5 million) into equity in the restructured institution. [2]
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Compulsory superannuation contributions in PNG were introduced in 1982. Employees are required to contribute a minimum of 6% of their salary to a superannuation fund and employers of over 15 persons are required to contribute 8.4%. [3] The Chief Executive Officer of NASFUND is Ian Tarutia OBE.
Zanaco is one of the largest financial services providers in Zambia. As of December 2022, the bank's total assets were valued at ZMW35.97 billion (US$1.97 billion) with shareholders' equity of ZMW2.980 billion (US$163.12 million). [9]
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