Standard Bank Malawi

The Standard Bank of Malawi, previously known as the Commercial Bank of Malawi, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.[3]

Standard Bank of Malawi Limited
TypePublic
MSE:STANDARD
IndustryFinancial Services
FoundedMarch 15, 1969 (1969-03-15)
HeadquartersStandard Bank Centre, African Unity Road, Lilongwe 3, Malawi
Key people
Rex Harawa
Chairman
William le Roux
Chief Executive Officer[1]
ProductsLoans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
Revenue:Aftertax: MWK:15.9 billion (US$22 million) (2019)[2]
Total assetsMWK:375.26 billion (US$519 million) (2019)[2]
Number of employees
885 (2016)
ParentStandard Bank
Websitewww.standardbank.co.mw

Location

The headquarters of Standard Bank Malawi are located in the Standard Bank Centre, African Unity Avenue, Lilongwe 3, in Malawi's capital city.

Overview

Standard Bank Malawi is a large financial services provider, serving the banking needs of large companies, small and medium enterprises, as well as individuals. As of December 2019, the bank's total assets were valued at MWK:375.26 billion (US$519 million), with shareholders' equity of MWK:87.24 billion (US$121 million).[2]

History

The bank was established in Malawi on 15 March 1969, as Commercial Bank of Malawi. The founding shareholders were (a) the government of Malawi (b) Press Holdings Limited and (c) Banco Pinto & Sotto Mayor. By the mid 1980s, the bank became a wholly Malawian enterprise, with shareholders being (a) Malawian Development Corporation (20 percent) (b) Press Holdings (40 percent) (c) Government of Malawi (30 percent) and (d) Admarc (10 percent). In 1998, the government of Malawi sold its 30 percent shareholding by floating the bank's stock on the Malawi Stock Exchange (MSE).[4]

In 2001, Standard Bank, a large South African financial services conglomerate, acquired 60 percent shareholding in Commercial Bank of Malawi (CBM). Initially the name of the bank changed to Stanbic Bank Malawi and on 1 June 2007 to Standard Bank Malawi.[4]

Ownership

The shares of stock of Standard Bank Malawi are listed on the Malawi Stock Exchange where they trade under the symbol STANDARD. As of 31 December 2018, the major shareholders in the bank were as listed in the table below.[5]

Standard Bank Malawi Stock Ownership
RankName of OwnerPercentage Ownership
1Standard Bank Group54.70
2Public18.85
3NICO Holdings Limited18.20
4Old Mutual Life Assurance Company Limited4.89
5Press Trust2.11
6Magetsi Pension Fund1.25
Total100.00

Branches

As of May 2020, the bank maintained networked branches at the following locations.[6]

Standard Bank Malawi Branch List
RankBranch NameBranch CodeLocation
1Blantyre Branch1005Blantyre
2Capital City Branch1015Lilongwe 3
3Limbe Branch1004Limbe
4Ginery Corner Branch1005Blantyre 3
5Zomba Branch1006Zomba
6Mangochi Branch1008Mangochi
7Balaka Branch1009 Balaka
8Luchenza Branch1010Luchenza
9Ntcheu Branch1011Ntcheu
10Mwanza Branch1013Mwanza
11Dedza Branch1014Dedza
12Lilongwe Branch1016Lilongwe
13Salima Branch1017Salima
14Kasungu Branch1018Kasungu
15Dwangwa Branch1019Dwangwa
16Mzuzu Branch1021Mzuzu
17Mzuzu Digital Branch1033Mzuzu
18Mzimba Branch1022Mzimba
19Chichiri Branch1024Chichiri, Malawi
20Mponela Branch1030Mponela
21CBC Branch1025Blantyre
22Kanengo Branch1026Kanengo
23City Mall Branch1031Lilongwe
24Karonga Branch1037Karonga
25Nchalo Branch1029Nchalo
26Bwaila Branch1028Bwaila
27Gateway Mall Digital Branch1032Lilongwe
27Total

Governance

The chairman of the ten-person Board of Directors is Rex Harawa. The managing director and CEO is William le Roux.[1][4]

See also

References
  1. Sabolaon, Taonga (1 February 2018). "Standard Bank appoints new Chief Executive Officer". The Daily Times (Malawi). Blantyre. Retrieved 27 April 2018.
  2. Standard Bank Malawi (27 February 2020). "Annual Results And Financial Statements For The Year Ended 31 December 2019" (PDF). Lilongwe: Standard Bank Malawi. Retrieved 2 May 2020.
  3. Reserve Bank of Malawi (2 May 2020). "List of Banks & Other Financial Institutions". Lilongwe: Reserve Bank of Malawi. Retrieved 2 May 2020.
  4. Nyasa Times (11 April 2019). "Standard Bank Malawi In 50 Years Anniversary". Nyasa Times. Blantyre. Retrieved 2 May 2020.
  5. Market Screener (March 2019). "Shareholders of Standard Bank Malawi". Mrketscreener.com. Retrieved 2 May 2020.
  6. Standard Bank Malawi (2 May 2020). "Branch List of Standard Bank Malawi". Lilongwe: Standard Bank Malawi. Retrieved 1 May 2020.

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