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Finance
products with the goal of making banking a very
pleasant experience for its customers. The bank is
also live on Real Time Gross Settlement Systems
(RTGS) and SWIFT. They have a commitment to the
on-going improvement of their IT systems.
Throughout the years, the bank has continued to
perform well in all major areas of operations. From
2007 to 2010 credit grew by 50%, deposits grew by
30% and the capital adequacy ratio by 40%. As of
2010, total deposits stood at K679.8 billion (US$130
million).
Indo-Zambia’s commitment to its shareholders is to
provide value for their investments. The bank has
consistently paid handsome dividends to sharehold-
ers. They paid out a dividend of 70% for the year
ended March 31st, 2009.
Besides banking, Indo-Zambia Bank has shown a
strong commitment to Zambian society and has year
after year acted as a responsible corporate entity.
The bank earmarks a certain portion of its profits for
donations to charitable institutions and hospitals.
Indo-Zambia Bank is a shining example of a suc-
cessful joint venture that emerged out of historic
friendly ties between the Government of the Repub-
lic of Zambia and the Government of India.
“Indo-Zambia Bank have established a very reputa-
ble name for itself as a bank you can trust and this
reputation has begun to spread all over Zambia.”
Shukla
Managing Director
Lawrence Sikutwa
Group Chairman
Plot 316, Independence Ave.
PO Box 37013 Lusaka
Tel: +260-211-257151 / 2 / 4
Fax: +260-211-255075
info@lsa.co.zm
www.lsa.co.zm
Lawrence Sikutwa and Associates (LSA) is the par-
ent company of the following subsidiaries: Madison
General Insurance Company Limited; Madison Life
Insurance Company Limited; Madison Health Solu-
tions Limited and Madison Investment Company
Limited.
LSA GROUP-LAWRENCE SIKUTWA AND
ASSOCIATES LTD
LSA was formed in 1995 to represent management
in the shareholding of Madison Insurance Company
Limited after the liquidation of Meridien International
Bank Limited, which owned Madison Insurance
Company Zambia Limited at the time. Madison In-
surance was the first private company to commence
operations in the liberalized insurance market on 1
April 1992.
From the outset, the main objective of Madison was
to provide a first class client service, particularly in
relation to claims, as it was a known fact that both
individual and corporate clients in the market were
concerned about this aspect. From its inception,
Madison Insurance Company Limited achieved very
good results both in respect of growth and profitabil-
ity.
Following the amendment to the Insurance Act which
became law on 1st January 2006 prohibiting the con-
tinued existence of composite insurance companies,
Madison Insurance Company Limited emerged as
the first company to comply with the new Law, and
with the approval of the Pensions and Insurance Au-
thority (PIA), split into separate specialist companies
now known as Madison Life Insurance Company
Limited (MLife) and Madison General Insurance
Company Zambia Limited (MGen).
Before the split of the company, which gave birth to
MLife and MGen, LSA had already set up Madison
Investment Company Limited (MICL) in 2004 as the
investment wing of the Group. The MICL, whose
Mission Statement is “to be Zambia’s leading pro-
vider of cost effective finance and non-finance ser-
vices”, is involved in investment management, prop-
erty development and management, micro finance,
leasing, and business development.
The other company under the LSA Group is Madison
Health Solutions (Mhs), whose mission statement
is to: “be Zambia’s leader in the provision of health
care and related products and services at economic
and profitable margins.”
The Madison brand under LSA has become a house-
hold name in Zambia as all the subsidiary companies
have spread their tentacles into almost all sectors of
the Zambian economy both directly and indirectly
through other companies operating under them. An
example of this is the group’s entrance into Tourism
as Madison Investment Company Limited (MICL)
has commenced the construction of a four-star hotel
in Kafue at a total cost of US$10 million (about K34
billion). A further example of LSA’s innovative vision
has been aptly demonstrated by its MGen subsidi-