National Bank of Malawi
Encyclopedia
National Bank of Malawi , is a commercial bank
in Malawi
. The bank is one of the eleven (11) banks licensed by the Reserve Bank of Malawi
, the national banking regulator.
, with the consent of the Government of Malawi, merged with Barclays Bank of Malawi. In July 1971, the merger was effected, with Standard and Barclays jointly owning 51% of the new bank. Press Holdings Limited, a private Malawian investment company owned 29% and Agricultural Development and Marketing Corporation (ADMARC), a Malawian parastatal, owned 20%. Over the years, both Standard Bank and Barclays Bank divested from NBM and Old Mutual Group
, became an investor in the bank. At one time Standard Chartered Bank
was an investor in NBM, having acquired the assets which formerly belonged to Standard Bank
. In August 2000, the stock
of National Bank of Malawi became listed on the Malawi Stock Exchange
, where it trades under the symbol NBM. At the time of listing, the bank issued 45 million ordinary shares.
of National Bank of Malawi is owned by corporate and individual investors. The current shareholding in the bank is summarized in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | National Bank of Malawi Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Press Corporation Limited||51.73
|-
|2||Old Mutual Group
||24.83
|-
|3||Public||22.03
|-
|4||Employee Share Ownership Plan||01.41
|-
|5|| TOTAL||100.0
|-
|}
. The Managing Director and Chief Executive Officer
is George Partridge, who is assisted by eleven (11) other senior managers in overseeing the day-to-day activities of the bank.
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...
. The bank is one of the eleven (11) 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
NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. , the bank's total assets were in excess of US$495 million, with shareholder's equity of about US$78 million. The bank maintains four (5) subsidiary companies, three (3) of which are wholly owned:- NBM Capital Markets Limited - 100% shareholding
- NBM Securities Limited - 100% shareholding
- NBM Nominees Limited - 100% shareholding
- Stockbrokers Malawi Limited - 75% shareholding
- United General Insurance Limited - 26% shareholding
History
National Bank of Malawi was established in 1971 when Standard Bank of MalawiStandard Bank (historic)
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.-History:...
, with the consent of the Government of Malawi, merged with Barclays Bank of Malawi. In July 1971, the merger was effected, with Standard and Barclays jointly owning 51% of the new bank. Press Holdings Limited, a private Malawian investment company owned 29% and Agricultural Development and Marketing Corporation (ADMARC), a Malawian parastatal, owned 20%. Over the years, both Standard Bank and Barclays Bank divested from NBM and Old Mutual Group
Old Mutual
Old Mutual plc is an international long-term savings group. Established in 1845 in South Africa, it is now a FTSE100 listed company operating in 33 countries.-History:...
, became an investor in the bank. At one time Standard Chartered Bank
Standard Chartered Bank
Standard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
was an investor in NBM, having acquired the assets which formerly belonged to Standard Bank
Standard Bank (historic)
The Standard Bank was a British overseas bank, which operated mainly in Africa from 1863 to 1969. It merged with the Chartered Bank in 1969 to form Standard Chartered.-History:...
. In August 2000, the stock
Stock
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 National Bank of Malawi became 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 NBM. At the time of listing, the bank issued 45 million ordinary shares.
Ownership
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 National Bank of Malawi is owned by corporate and individual investors. The current shareholding in the bank is summarized in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | National Bank of Malawi Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||Press Corporation Limited||51.73
|-
|2||Old Mutual Group
Old Mutual
Old Mutual plc is an international long-term savings group. Established in 1845 in South Africa, it is now a FTSE100 listed company operating in 33 countries.-History:...
||24.83
|-
|3||Public||22.03
|-
|4||Employee Share Ownership Plan||01.41
|-
|5|| TOTAL||100.0
|-
|}
Branch network
, National Bank of Malawi maintains twenty-five (25) branches, referred to as "service centers" by the bank. The bank's service centers are located at the following places:- Main Branch - Victoria Avenue, 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...
- Branch Manager - Jarvis Nkango - Chichiri Branch - Chichiri, Blantyre- Branch Manager - Moses Ganiza
- Limbe Branch - Customs 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....
- Branch Manager - George Nyirenda - Zomba Branch - Zomba - Branch Manager - Brian Chirwa
- Capital City Branch - 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...
- Branch Manager - Charles Sawasawa - Lilongwe Branch - 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...
- Branch Manager - Innocent Njati Banda - Mzuzu Branch - 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...
- Branch Manager - Hans Muhome - 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:...
- Branch Manager - Lovemore Mtonda - 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:...
- Branch Manager - Liviness Mabedi - 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...
- Branch Manager - Valencio Mpando - Mulanje Branch - MulanjeMulanjeMulanje is a town in the Southern Region of Malawi close to the border of Mozambique. It is near the Mulanje Massif.Mulanje is the headquarters of the conservation group, the Mulanje Mountain Conservation Trust....
- Branch Manager - Patrick Chaika - Nchalo Branch - Nchalo
- Chileka Airport Branch - Chileka International AirportChileka International AirportChileka International Airport is an airport located nine miles from Blantyre, the largest city in the Republic of Malawi and the capital city of Malawi's Southern Region.- Facilities :...
, 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... - Thyolo Branch - Thyolo
- Kamuzu Airport Branch - Kamuzu International Airport - 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...
- Mponela Branch - MponelaMponelaMponela is a town in Dowa District in the Central Region of Malawi.-References:...
- 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,...
- 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:...
- South End Branch - South End, 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...
- Kanengo Branch - Kanengo
- Salima Branch - SalimaSalima-Demographics:...
- 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...
- Chichiri Branch - Chichiri Shopping Mall, Chichiri, 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...
- Balaka Branch - Balaka
- Crossroads Branch - Crossroads Shopping Complex, 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...
Governance
Mathews Chikaonda, a non-executive director, serves as the Chairman of the nine (9) member Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. The Managing Director and Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
is George Partridge, who is assisted by eleven (11) other senior managers in overseeing the day-to-day activities of the bank.
External links
- Website of National Bank of Malawi
- Website of Reserve Bank of Malawi
- Website of Stock Exchange of Malawi
See also
- List of banks in Malawi
- Economy of MalawiEconomy of MalawiThe economy of Malawi is predominantly agricultural, with about 90% of the population living in rural areas. The landlocked country in south central Africa ranks among the world's least developed countries. Agriculture accounts for 37% of GDP and 85% of export revenues...
- Reserve Bank of MalawiReserve Bank of MalawiThe 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...
- 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...