First Merchant Bank
Encyclopedia
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.
. It offers retail banking services to individuals and corporate clients. , the bank's asset base was valued at approximately US$141 million, with shareholders' equity of approximately US$38 million. The stock of the bank is listed on the Malawi Stock Exchange
, where it trades under the symbol: FMB.
, serving communities in Malawi
and Botswana
. , 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. Member companies of the FMB Group include the following:
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:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Shareholding in First Merchant Bank
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" | Rank !! Shareholder !!Percentage Ownership
|-
|1||Zambezi Investments Limited||44.94
|-
|2||Simsbury Holdings Limited||22.47
|-
|3||Prime Capital and Credit Limited
||11.24
|-
|4||Prime Bank Kenya||11.24
|-
|5||General Public||10.11
|-
| ||Total||100.0
|-
|}
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Malawi
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...
. It is one of the eleven (11) commercial banks licensed by the Reserve Bank of Malawi
Reserve Bank of Malawi
The Reserve Bank of Malawi is the central bank of Malawi.-See also:*Central banks and currencies of Africa*Economy of Malawi*List of central banks-External links:* at www.rbm.mw...
, the national banking regulator.
Overview
The bank is a medium-sized financial services provider in MalawiMalawi
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...
. It offers retail banking services to individuals and corporate clients. , the bank's asset base was valued at approximately US$141 million, with shareholders' equity of approximately US$38 million. The stock of the bank is listed on the Malawi Stock Exchange
Malawi Stock Exchange
The Malawi Stock Exchange is a fully fledged stock market, with a single licensed broker. It was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, under the aegis of the Reserve Bank of Malawi, with 2300 Malawian citizens buying shares in the first company...
, where it trades under the symbol: FMB.
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 conglomerateConglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
, serving communities in Malawi
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...
and Botswana
Botswana
Botswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
. , 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. Member companies of the FMB Group include the following:
- First Merchant Bank - BlantyreBlantyre, MalawiBlantyre or Mandala is Malawi's centre of finance and commerce, the largest city with an estimated 732,518 inhabitants . It is sometimes referred to as the commercial capital of Malawi as opposed to the political capital, Lilongwe...
, MalawiMalawiThe 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...
- The flagship of the group. Its stock trades on the Malawi Stock ExchangeMalawi Stock ExchangeThe Malawi Stock Exchange is a fully fledged stock market, with a single licensed broker. It was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, under the aegis of the Reserve Bank of Malawi, with 2300 Malawian citizens buying shares in the first company...
. - Capital BankCapital BankCapital Bank Limited, commonly known as Capital Bank, is a commercial bank in Botswana. It is owned by First Merchant Bank of Malawi, and others, including Botswana nationals...
- GaboroneGaborone' is the capital and largest city of Botswana with a population of 191,776 based on a 2006 survey, about 10% of the total population of Botswana....
BotswanaBotswanaBotswana, officially the Republic of Botswana , is a landlocked country located in Southern Africa. The citizens are referred to as "Batswana" . Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966...
- FMB maintains 51% shareholding - Leasing and Finance Company of Malawi Limited - BlantyreBlantyre, MalawiBlantyre or Mandala is Malawi's centre of finance and commerce, the largest city with an estimated 732,518 inhabitants . It is sometimes referred to as the commercial capital of Malawi as opposed to the political capital, Lilongwe...
, MalawiMalawiThe 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...
- FMB maintains 100% shareholding - FMB Forex Bureau Limited - LimbeLimbe, MalawiLimbe 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....
, MalawiMalawiThe 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...
- FMB maintains 100% shareholding
Ownership
The shareholders in the stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
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:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Shareholding in First Merchant Bank
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" | Rank !! Shareholder !!Percentage Ownership
|-
|1||Zambezi Investments Limited||44.94
|-
|2||Simsbury Holdings Limited||22.47
|-
|3||Prime Capital and Credit Limited
Prime Bank (Kenya)
Prime Bank Limited , commonly known as Prime Bank Kenya, but also referred to as Prime Bank , is a commercial bank in Kenya. It is one of the forty-four licensed commercial banks in the country.-Overview:...
||11.24
|-
|4||Prime Bank Kenya||11.24
|-
|5||General Public||10.11
|-
| ||Total||100.0
|-
|}
Branches
, the bank maintains branches at the following locations:- Main Branch - First House, Glyn Jones Road, BlantyreBlantyre, MalawiBlantyre or Mandala is Malawi's centre of finance and commerce, the largest city with an estimated 732,518 inhabitants . It is sometimes referred to as the commercial capital of Malawi as opposed to the political capital, Lilongwe...
- Lilongwe Branch - Old Kandodo Building, Kamuzu Procession Road, LilongweLilongweLilongwe, estimated population 902,388 as of 2009, is the capital and largest city of Malawi. It lies in the country's central region, on the Lilongwe River, near the border of Malawi, Mozambique, and Zambia, and on the main north-south highway of Malawi, the M1.-History:The city started life as a...
- Mzuzu Branch - FMB Building, Orton Chirwa Avenue, MzuzuMzuzuMzuzu is the capital of Malawi's Northern Region and is the third largest city, by population, in Malawi. The City has 128,432 residents plus 20,000 commuters with about 1.7 million people living around the outskirts of the city...
- Limbe Branch - Churchill Road, LimbeLimbe, MalawiLimbe 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....
- Capital City Branch - Chief M'belwa House, Robert Mugabe Crescent, LilongweLilongweLilongwe, estimated population 902,388 as of 2009, is the capital and largest city of Malawi. It lies in the country's central region, on the Lilongwe River, near the border of Malawi, Mozambique, and Zambia, and on the main north-south highway of Malawi, the M1.-History:The city started life as a...
- Zomba Branch - Kamuzu Highway, Zomba
- Corporate Services Branch - Livingstone Towers, Glyn Jones Road, BlantyreBlantyre, MalawiBlantyre or Mandala is Malawi's centre of finance and commerce, the largest city with an estimated 732,518 inhabitants . It is sometimes referred to as the commercial capital of Malawi as opposed to the political capital, Lilongwe...
- Chichiri Branch - Chichiri Shopping Mall, Kamuzu Highway, BlantyreBlantyre, MalawiBlantyre or Mandala is Malawi's centre of finance and commerce, the largest city with an estimated 732,518 inhabitants . It is sometimes referred to as the commercial capital of Malawi as opposed to the political capital, Lilongwe...
- Crossroads Branch - Crossroads, LilongweLilongweLilongwe, estimated population 902,388 as of 2009, is the capital and largest city of Malawi. It lies in the country's central region, on the Lilongwe River, near the border of Malawi, Mozambique, and Zambia, and on the main north-south highway of Malawi, the M1.-History:The city started life as a...
- Dwangwa Branch - Illovo Sugar Company, Dwangwa
- Kanengo Branch - Kanengo Auction Floors, LilongweLilongweLilongwe, estimated population 902,388 as of 2009, is the capital and largest city of Malawi. It lies in the country's central region, on the Lilongwe River, near the border of Malawi, Mozambique, and Zambia, and on the main north-south highway of Malawi, the M1.-History:The city started life as a...
- Limbe Auction Floors Branch - LimbeLimbe, MalawiLimbe 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....
- Karonga Branch - KarongaKarongaKaronga is a township in the Karonga District in Northern Region of Malawi. Located on the western shore of Lake Nyasa, it was established as a slaving centre sometime before 1877. As of 2008 estimates, Karonga has a population of 42,555.-History:...
- Mangochi Branch - MangochiMangochiMangochi is a township in the Southern Region of Malawi. Located near the southern end of Lake Malawi, in colonial times it used to be called Fort Johnston. As of 2008 it has a population of 51,429.-History:...
- Kasungu Branch - KasunguKasunguKasungu is a town in the Kasungu District of the Central Region of Malawi. The population of Kasungu is estimated to be 59,696 as of 2008.Kasungu is approximately north-west of the capital of Malawi, Lilongwe, and is east of Kasungu National Park...
- Mponela Branch - MponelaMponelaMponela is a town in Dowa District in the Central Region of Malawi.-References:...
- Dedza Branch - DedzaDedzaDedza is the main township of Dedza District in the Central Region of Malawi.Dedza is located about 85 km south of Malawi's capital, Lilongwe, off the M1 road to Blantyre at a point where a trans-African highway from Johannesburg enters the country....
- Mchinji Branch - MchinjiMchinjiMchinji is a town in the Mchinji District of the Central Region of Malawi. As of 2008 estimates, Mchinji has a population of 25,184. The area's economy is sustained by rain-fed agriculture, although the town is currently in the midst of a food crisis. Mchinji is also a major railroad junction,...
- Liwonde Branch - LiwondeLiwonde-Geography:Located in Machinga District on the Shire River along the main road connecting Zomba to Lilongwe, Liwonde is an important crossroad linking the four districts in the area . Liwonde, in an African sense, is a transportation hub...
- Mzimba Branch - MzimbaMzimbaMzimba is a town in the Mzimba District of Malawi. The district comprises descendants of Tumbuka and Ngoni peoples.The district of Mzimba comprises a number of Traditional Authorities from the Ngoni people. The head of these Traditional Authorities, or Paramount Chief , is M'Mbelwa IV.-Demographics:...