Standard Bank Malawi

Standard Bank Malawi

The Standard Bank of Malawi (previously known as the Commercial Bank of Malawi) is a commercial bank in Malawi. The bank had 27 branches across Malawi and a workforce of 885, as of December 2016. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator

Location

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

Overview

Standard Bank Malawi is a large financial services provider, meeting the needs of large companies, small and medium enterprises, as well as individuals. As of December 2016, the bank’s total assets were valued at MWK:313.5 billion (US$437 million), with shareholders’ equity of MWK:62.8 billion (US$87.5 million)

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. In June 1998, the company’s stock was listed on the Malawi Stock Exchange after a successful IPO.

In December 2001, Standard Bank, through its subsidiary Stanbic Africa Holdings, acquired a 60.18 percent 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