FMBCapital Holdings Plc

FMBCapital Holdings Plc, also referred to as First Capital Bank Group, is a financial services holding company based in Mauritius. The group's headquarters are in Port Louis, the capital city of the island nation, with subsidiaries in the Southern African countries of Botswana, Malawi, Mozambique, Zambia and Zimbabwe.[3]

FMBCapital Holdings Plc
TypePublic: MSE: FMBCH
IndustryFinancial services
FoundedDecember 1, 2017 (2017-12-01)
HeadquartersJTC Fiduciary Services, Suite 2004 Level 2, Alexander House, 35 Cybercity, Ebène, Mauritius
Key people
Terence Davidson
Chairman[1]
Dheeraj Dikshit
Managing Director[1]
ProductsFinancial services subsidiaries
Total assetsUS$:1.1 billion (June 2020)[2]
Number of employees
1,600+ (April 2020)[2]
Websitefmbcapitalgroup.com

Overview

As of April 2020, the Group had assets of US$971 million. At that time, the group served in excess of 850,000 customers in five Southern African countries and employed over 1,600 saff.[2]

History

FMBCapital Holdings was founded in Malawi in 1995 as First Merchant Bank by Hitesh Anadkat and his family, who partnered with Prime Bank of Kenya. It became Malawi's first private bank and was granted the third ever banking licence in Malawi. First Capital had a successful start and began to show profits after only two years of trading.[4]

In the year 2000, First Capital wholly acquired the Leasing and Finance Company Malawi Limited, which has since been dissolved and merged into First Capital Bank Malawi. In 2008, First Capital led a consortium that was granted a banking licence in Botswana, leading to the establishment of First Capital Bank Botswana Limited. The bank expanded its regional footprint in 2013, with the acquisition of the ICB Banking Group's businesses in Malawi, Zambia and Mozambique.[5]

First Capital listed on the Malawi Stock Exchange in 2009. In 2017, First Capital acquired 100 percent ownership in Opportunity Bank of Malawi.[6] That same year, First Capital acquired a controlling stake in Barclays Bank of Zimbabwe. In December 2017, First Capital de-listed its shares from the Malawi Stock Exchange (MSE). The value of First Capital stock shares were acquired by the newly-created holding company, FMBCapital Holdings Plc, whose shares are now listed in the MSE.[7]

Ownership

The shares of stock of FMBCapital holdings Plc are traded under the symbol FMBCH. As of 31 December 2018, the countries of origin of the shareholders is as illustrated in the table below.[8]

FMBCapital Plc Stock Ownership
RankCountryNumber of InvestorsPercentage of TotalPercentage Ownership
1Angola50.29
0.01
2Botswana10.06
0.00
3Cayman Islands10.06
0.00
4Isle of Man10.06
3.59
5Kenya30.17
21.36
6Malawi1,65695.39
27.10
7Mauritius10.06
31.17
8Portugal80.46
0.09
9South Africa40.23
0.00
10United Kingdom80.46
16.60
11United States60.35
0.03
12Undisclosed402.30
0.04
13Zimbabwe20.12
0.00

Governance

The group is governed by a seven-person board of directors, comprising a non-executive chairman, four non-executive directors, and two executive directors. As of April 2020, the group chairman is Terence Davidson and the Group Managing Director is Dheeraj Dikshit.[1]

Subsidiaries

Te subsidiary companies of FMBCapital Holdings Plc include the following:[3]

See also

References
  1. FMBCapital Holdings Plc (6 April 2020). "Board of Directors". Port Louis: FMBCapital Holdings Plc. Retrieved 6 April 2020.
  2. First Capital Bank Botswana (7 April 2020). "About FMBCapital Holdings". Gaborone: First Capital Bank Botswana Limited. Retrieved 7 April 2020.
  3. African Financials (18 May 2018). "Profile of FMBCapital Holdings Plc". Africanfinancials.com. Retrieved 6 April 2020.
  4. Nyasa Times (2 August 2013). "Malawi's First Merchant Bank Amasses K3.5 Billion in Profits for Six Months". Nyasa Times. United Kingdom. Retrieved 6 April 2020.
  5. CFTC Malawi (16 December 2013). "Takeover/Merger between First Merchant Bank and International Commercial Bank". Lilongwe: Competition and Fair Trading Commission of Malawi (CFTC Malawi). Retrieved 6 April 2020.
  6. Reuters Staff (28 June 2017). "Malawis First Merchant to buy micro lender Opportunity Bank". Reuters. Retrieved 6 April 2020.
  7. Alfred Chauwa (20 September 2017). "FMB Shareholders Make Historic Malawi Stock Exchange Debut". United Kingdom: Nyasa Times. Retrieved 6 April 2020.
  8. FMBCapital Group (31 May 2019). "Annual Report and Financial Statements for the year ended 31 December 2018" (PDF). FMBCapital Group. Retrieved 6 April 2020.

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