Standard Bank Malawi

Standard Bank of Malawi Limited
Public
Traded as MSE:Standard
Industry Financial Services
Founded March 15, 1969 (1969-03-15)
Headquarters Limbe, Malawi
Number of locations
 19 branches
Products Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
Revenue IncreaseMWK: 21.4 Billion (2013)[1]
IncreaseMWK: 12.1 Billion (2013)
Total assets IncreaseMWK: 166.7 Billion (2013)
Number of employees
 600+
Parent Standard Bank
Website www.standardbank.co.mw

The Standard Bank of Malawi (previously known as the Commercial Bank of Malawi) is a national bank in Malawi. 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.[2]

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.[3]

In June 1998, the company's stock was listed on the Malawi Stock Exchange after a successful IPO.[4]

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.

Ownership

The shareholding of Standard Bank Malawi is as follows:[5]

Standard Bank Malawi stock ownership
Rank Name of OwnerPercentage Ownership
1 Stanbic Africa Holdings60.18
2Others39.82
Total100.00

See also

References

  1. ↑ Standard Bank of Malawi Limited 2013 Financial Results
  2. ↑ Murphy, Alan; Armstrong, Kate; Firestone, Matthew D.; Fitzpatrick, Mary (2007). Lonely Planet Southern Africa: Join the Safari. Lonely Planet. p. 197. ISBN 1-74059-745-1.
  3. ↑ Standard Bank, Retrieved on July 1, 2008
  4. ↑ "MSE - Listed Companies". Malawi Stock Exchange. Retrieved 2015-05-12.
  5. ↑ "Standard Bank - Representation of subsidiaries". Standard Bank. Retrieved 2015-01-07.



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