Commercial Bank of Malawi
Encyclopedia
The Commercial Bank of Malawi now known as Standard Bank Limited is a national bank in Malawi
.
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 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.
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.
Malawi
The Republic of Malawi is a landlocked country in southeast Africa that was formerly known as Nyasaland. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south and west. The country is separated from Tanzania and Mozambique by Lake Malawi. Its size...
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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
Limbe, Malawi
Limbe is a town in Malawi. It is located in Blantyre District. It is the operational headquarters and workshops for Malawi Railways.- Overview :Limbe is 7 miles east of Blantyre and was founded in 1909. Blantyre Briefly merged with Limbe in 1956....
on 11 April 1970.
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.
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
Nkhotakota
Nkhotakota is a town and one of the districts in the Central Region of Malawi. It is on the shore of Lake Malawi and is one of the main ports on Lake Malawi. As of 2008, Nkhotakota had a population estimated at 33,150...
, offering foreign exchange facilities yet no credit card withdrawals.