Commercial Bank of Malawi

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. ^[1]

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.^[2]

References

1. ^ Standard Bank, Retrieved on July 1, 2008
2. ^ Murphy, Alan; Armstrong, Kate; Firestone, Matthew D.; Fitzpatrick, Mary (2007). Lonely Planet Southern Africa: Join the Safari. Lonely Planet. p. p. 197. ISBN 1740597451.