National Bank of Malawi

National Bank of Malawi
Public
Traded as MAL: NBM
Industry Financial Services
Founded 1971
Headquarters Blantyre, Malawi
Key people
 Mathews Chikaonda, Chairman,
George Partridge, Managing Director
Products Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
Revenue Increase Aftertax: US$25 million (2009)
Total assets US$495 million (2009)
Number of employees
 960+
Website www.natbank.co.mw

National Bank of Malawi (NBM), is a commercial bank in Malawi. The bank is one of the eleven banks licensed by the Reserve Bank of Malawi, the national banking regulator.[1]

Overview

NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. As of December 2009, the bank's total assets were in excess of US$495 million, with shareholder's equity of about US$78 million.[2] The bank maintains five subsidiary companies, three of which are wholly owned:[3]

  1. NBM Capital Markets Limited - 100% shareholding
  2. NBM Securities Limited - 100% shareholding
  3. NBM Nominees Limited - 100% shareholding
  4. Stockbrokers Malawi Limited - 75% shareholding
  5. United General Insurance Limited - 26% shareholding

History

National Bank of Malawi was established in 1971 when Standard Bank of Malawi, with the consent of the Government of Malawi, merged with Barclays Bank of Malawi. In July 1971, the merger was effected, with Standard and Barclays jointly owning 51% of the new bank. Press Holdings Limited, a private Malawian investment company owned 29% and Agricultural Development and Marketing Corporation (ADMARC), a Malawian parastatal, owned 20%. Over the years, both Standard Bank and Barclays Bank divested from NBM and Old Mutual Group, became an investor in the bank.

At one time Standard Chartered Bank was an investor in NBM, having acquired the assets which formerly belonged to Standard Bank. In August 2000, the stock of National Bank of Malawi became listed on the Malawi Stock Exchange, where it trades under the symbol NBM. At the time of listing, the bank issued 45 million ordinary shares.[4]

Ownership

The stock of National Bank of Malawi is owned by corporate and individual investors. The current shareholding in the bank is summarized in the table below: [5]

National Bank of Malawi Stock Ownership
Rank Name of OwnerPercentage Ownership
1Press Corporation Limited51.73
2Old Mutual Group24.83
3Individual & Corporate Investors22.03
4Employee Share Ownership Plan01.41
5 TOTAL100.0

Branch network

As of November 2010, National Bank of Malawi maintains twenty-five branches, referred to as "service centers" by the bank. The bank's service centers are located at the following places: [6]

  1. Main Branch - Victoria Avenue, Blantyre - Branch Manager - Jarvis Nkango
  2. Chichiri Branch - Chichiri, Blantyre- Branch Manager - Moses Ganiza
  3. Limbe Branch - Customs Road, Limbe - Branch Manager - George Nyirenda
  4. Zomba Branch - Zomba - Branch Manager - Brian Chirwa
  5. Capital City Branch - Lilongwe - Branch Manager - Charles Sawasawa
  6. Lilongwe Branch - Lilongwe - Branch Manager - Innocent Njati Banda
  7. Mzuzu Branch - Mzuzu - Branch Manager - Hans Muhome
  8. Mangochi Branch - Mangochi - Branch Manager - Lovemore Mtonda
  9. Karonga Branch - Karonga - Branch Manager - Liviness Mabedi
  10. Kasungu Branch - Kasungu - Branch Manager - Valencio Mpando
  11. Mulanje Branch - Mulanje - Branch Manager - Patrick Chaika
  12. Nchalo Branch - Nchalo
  13. Chileka Airport Branch - Chileka International Airport, Blantyre
  14. Thyolo Branch - Thyolo
  15. Kamuzu Airport Branch - Kamuzu International Airport - Lilongwe
  16. Mponela Branch - Mponela
  17. Mchinji Branch - Mchinji
  18. Mzimba Branch - Mzimba
  19. South End Branch - South End, Lilongwe
  20. Kanengo Branch - Kanengo
  21. Salima Branch - Salima
  22. Liwonde Branch - Liwonde
  23. Chichiri Branch - Chichiri Shopping Mall, Chichiri, Blantyre
  24. Balaka Branch - Balaka
  25. Crossroads Branch - Crossroads Shopping Complex, Lilongwe

Governance

Mathews Chikaonda, a non-executive director, serves as the Chairman of the nine (9) member Board of Directors. The Managing Director and Chief Executive Officer is George Partridge, who is assisted by eleven (11) other senior managers in overseeing the day-to-day activities of the bank.

See also

References

  1. ↑ List of Licensed Commercial Banks In Malawi
  2. ↑ 2009 Audited Financial Report
  3. ↑ Company Profile At Google Finance
  4. ↑ History of National Bank of Malawi
  5. ↑ Shareholding in National Bank of Malawi
  6. ↑ Branches of National Bank of Malawi

External links