The bank was founded in 1984 by the Government of Zambia and three state-owned Indian banks: (a) Bank of Baroda (b) Bank of India and (c) Central Bank of India.

Indo-Zambia Bank is a significant employer in the communities it serves and is an active participant in CSR activities across Zambia.

IZB is a medium-sized financial services provider. As of March 2012, the bank controlled total assets of nearly US$309 million. At the time, shareholders' equity in the bank was valued at approximately US$45.4 million.