National Bank of Malawi

National Bank of Malawi

Type	Public: MAL: NBM
Industry	Financial Services
Founded	1971
Headquarters	Blantyre, Malawi
Key people	Mathews Chikaonda, Chairman, George Partridge, Managing Director
Products	Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
Revenue	Aftertax: US$25 million (2009)
Total assets	US$495 million (2009)
Employees	960+
Website	Homepage

National Bank of Malawi (NBM), 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.^[1]

Overview

NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. As of December 2009^[update], the bank's total assets were in excess of US$495 million, with shareholder's equity of about US$78 million.^[2] The bank maintains four (5) subsidiary companies, three (3) of which are wholly owned:^[3]

1. NBM Capital Markets Limited - 100% shareholding
2. NBM Securities Limited - 100% shareholding
3. NBM Nominees Limited - 100% shareholding
4. Stockbrokers Malawi Limited - 75% shareholding
5. United General Insurance Limited - 26% shareholding

History

National Bank of Malawi was established in 1971 when Standard Bank of Malawi, 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.^[4]

Ownership

The stock of National Bank of Malawi is owned by corporate and individual investors. The current shareholding in the bank is summarized in the table below: ^[5]

National Bank of Malawi Stock Ownership

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 Branch network As of November 2010[update], 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: [6] Main Branch - Victoria Avenue, Blantyre - Branch Manager - Jarvis Nkango Chichiri Branch - Chichiri, Blantyre- Branch Manager - Moses Ganiza Limbe Branch - Customs Road, Limbe - Branch Manager - George Nyirenda Zomba Branch - Zomba - Branch Manager - Brian Chirwa Capital City Branch - Lilongwe - Branch Manager - Charles Sawasawa Lilongwe Branch - Lilongwe - Branch Manager - Innocent Njati Banda Mzuzu Branch - Mzuzu - Branch Manager - Hans Muhome Mangochi Branch - Mangochi - Branch Manager - Lovemore Mtonda Karonga Branch - Karonga - Branch Manager - Liviness Mabedi Kasungu Branch - Kasungu - Branch Manager - Valencio Mpando Mulanje Branch - Mulanje - Branch Manager - Patrick Chaika Nchalo Branch - Nchalo Chileka Airport Branch - Chileka International Airport, Blantyre Thyolo Branch - Thyolo Kamuzu Airport Branch - Kamuzu International Airport - Lilongwe Mponela Branch - Mponela Mchinji Branch - Mchinji Mzimba Branch - Mzimba South End Branch - South End, Lilongwe Kanengo Branch - Kanengo Salima Branch - Salima Liwonde Branch - Liwonde Chichiri Branch - Chichiri Shopping Mall, Chichiri, Blantyre Balaka Branch - Balaka Crossroads Branch - Crossroads Shopping Complex, Lilongwe Governance Mathews Chikaonda, a non-executive director, serves as the Chairman of the nine (9) member Board of Directors. 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. 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 Malawi Reserve Bank of Malawi Malawi Stock Exchange References ^ List of Licensed Commercial Banks In Malawi ^ 2009 Audited Financial Report ^ Company Profile At Google Finance ^ History of National Bank of Malawi ^ Shareholding in National Bank of Malawi ^ Branches of National Bank of Malawi