First Merchant Bank

First Merchant Bank Limited, commonly known as First Merchant Bank (FMB), is a commercial bank in Malawi. It is one of the eleven (11) commercial banks licensed by the Reserve Bank of Malawi, the national banking regulator.^[1]

Overview

The bank is a medium-sized financial services provider in Malawi. It offers retail banking services to individuals and corporate clients. As of December 2009^[update], the bank's asset base was valued at approximately US$141 million, with shareholders' equity of approximately US$38 million.^[2] The stock of the bank is listed on the Malawi Stock Exchange, where it trades under the symbol: FMB.^[3]

First Merchant Bank Group

FMB owns either wholly or in part, three subsidiary companies, which together with the bank, form the First Merchant Bank Group (FMB Group). The Group is a mid-sized financial services conglomerate, serving communities in Malawi and Botswana. As of December 2009^[update], the Group's total assets exceeded US$300 million, with capital equity in excess of US$43 million. Group after-tax profits in 2009 exceeded US$11 million.^[4] Member companies of the FMB Group include the following:

1. First Merchant Bank - Blantyre, Malawi - The flagship of the group. Its stock trades on the Malawi Stock Exchange.
2. Capital Bank - Gaborone Botswana - FMB maintains 51% shareholding
3. Leasing and Finance Company of Malawi Limited - Blantyre, Malawi - FMB maintains 100% shareholding
4. FMB Forex Bureau Limited - Limbe, Malawi - FMB maintains 100% shareholding

Ownership

The shareholders in the stock of First Merchant Bank include four (4) corporate entities and the general public. The detailed shareholding in the bank is outlined in the table below: ^[5]