Standard Bank Malawi

Standard Bank of Malawi Limited

Type	Private Subsidiary
Industry	Financial Services
Founded	March 15, 1969 (1969-03-15)
Headquarters	Limbe, Malawi
Number of locations	19 branches
Products	Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
Revenue	MWK: 21.4 Billion (2013)[1]
Net income	MWK: 12.1 Billion (2013)
Total assets	MWK: 166.7 Billion (2013)
Number of employees	600+
Parent	Standard Bank
Website	www.standardbank.co.mw

The Standard Bank of Malawi (previously known as the Commercial Bank of Malawi) is a national bank in Malawi. The bank has 19 branches across Malawi and a workforce of 600.

One branch of the bank is located on the main north-south road in Nkhotakota, offering foreign exchange facilities yet no credit card withdrawals.^[2]

History

The bank registered as a commercial bank on 15 March 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%). The first branch was opened in Limbe on 11 April 1970.^[3]

In December 2001, Standard Bank, through its subsidiary Stanbic Africa Holdings, acquired a 60.18% interest in the bank and became the majority shareholder. The Commercial Bank of Malawi then went through several name changes from Stanbic Bank to Standard Bank Limited on June 1, 2007 to identify with its parent bank, the Standard Bank Group of South Africa.

Ownership

The shareholding of Standard Bank Malawi is as follows:^[4]

See also

• Standard Bank Group

• Stanbic Bank
• CfC Stanbic Holdings
• Stanbic IBTC Holdings
• Stanbic Bank Uganda
• List of banks in Malawi

References