Indebank
Encyclopedia
Indebank is a a commercial bank
in Malawi
. It derives its name from Investment and Development Bank of Malawi Limited, the original name at the time of its founding. Indebank is one of the eleven (11) commercial banks licensed by the Reserve Bank of Malawi
, the national banking regulator.
. , the exact total asset valuation and shareholders equity in the institution is not publicly known. The Malawian Government is the largest shareholder in the bank. Indebank maintains three subsidiaries:
. In 2001, Indebank transformed into a commercial bank following the issuance of a commercial banking license. In June 2010, TransAfrica Holdings Limited, a private equity firm based in Mauritius
divested its 41.38% shareholding in Indebank. That ownership interest was acquired by the Government of Malawi at an undisclosed sales price. The government has indicated its desire to sell its interest in Indebank at an IPO
on the Malawi Stock Exchange
in the future.
is owned by the following corporate entities:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Indebank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Government of Malawi||41.38
|-
|2||Press Trust of Malawi
||30.00
|-
|3||Admarc Investments Limited of Malawi
||25.67
|-
|4||Indebank Employee Investment Plan||02.95
|-
| ||Total||100.00
|-
|}
s of Blantyre
, the business capital and of Lilongwe
, the political capital of Malawi
. The remaining four (4) agency branches are located in the towns of Mponela
, Salima
, Luchenza
and Karonga
.
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 derives its name from Investment and Development Bank of Malawi Limited, the original name at the time of its founding. Indebank 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...
. , the exact total asset valuation and shareholders equity in the institution is not publicly known. The Malawian Government is the largest shareholder in the bank. Indebank maintains three subsidiaries:
- Indetrust Holdings Limited: 51% shareholding - Real estate leasing
- Indetrust Limited: 100% shareholding - Pension fund manager
- Indebank Financial Services Limited: 100% shareholding - Currently dormant
History
Indebank was established in 1972. In the beginning, the institution was a development bankDevelopment bank
The phrase development bank may refer to:* Community development banks fund low-income areas in the United States* Multilateral Development Bank provide financing for international development...
. In 2001, Indebank transformed into a commercial bank following the issuance of a commercial banking license. In June 2010, TransAfrica Holdings Limited, a private equity firm based in Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
divested its 41.38% shareholding in Indebank. That ownership interest was acquired by the Government of Malawi at an undisclosed sales price. The government has indicated its desire to sell its interest in Indebank at an IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
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...
in the future.
Ownership
The bank's 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...
is owned by the following corporate entities:
{| style="font-size:100%;"
|-
| width="100%" align="center" | Indebank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Government of Malawi||41.38
|-
|2||Press Trust of 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...
||30.00
|-
|3||Admarc Investments Limited of 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...
||25.67
|-
|4||Indebank Employee Investment Plan||02.95
|-
| ||Total||100.00
|-
|}
Branch network
The bank maintains nine (9) branches, five (5) of which, are full service branches in the metropolitan areaMetropolitan area
The term metropolitan area refers to a region consisting of a densely populated urban core and its less-populated surrounding territories, sharing industry, infrastructure, and housing. A metropolitan area usually encompasses multiple jurisdictions and municipalities: neighborhoods, townships,...
s of Blantyre
Blantyre, Malawi
Blantyre 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...
, the business capital and of Lilongwe
Lilongwe
Lilongwe, 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...
, the political capital of 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...
. The remaining four (4) agency branches are located in the towns of Mponela
Mponela
Mponela is a town in Dowa District in the Central Region of Malawi.-References:...
, Salima
Salima
-Demographics:...
, Luchenza
Luchenza
Luchenza is a town located in the Southern Region district of Thyolo in Malawi.-Demographics:-References:...
and Karonga
Karonga
Karonga 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:...
.