FMBCapital Holdings Plc, also referred to as First Capital Bank Group, is a financial services holding company based in

Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...

. It operates

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

s in the

Southern Africa Southern Africa is the southernmost subregion of the African continent, south of the Congo and Tanzania. The physical location is the large part of Africa to the south of the extensive Congo River basin. Southern Africa is home to a number of ...

n countries of

Botswana Botswana (, ), officially the Republic of Botswana ( tn, Lefatshe la Botswana, label=Setswana, ), is a landlocked country in Southern Africa. Botswana is topographically flat, with approximately 70 percent of its territory being the Kalahar ...

Malawi Malawi (; or aláwi Tumbuka: ''Malaŵi''), officially the Republic of Malawi, is a landlocked country in Southeastern Africa that was formerly known as Nyasaland. It is bordered by Zambia to the west, Tanzania to the north and northeast ...

Mozambique Mozambique (), officially the Republic of Mozambique ( pt, Moçambique or , ; ny, Mozambiki; sw, Msumbiji; ts, Muzambhiki), is a country located in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi ...

Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central Africa, Central, Southern Africa, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most cent ...

and

Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and Mozam ...

, which trade as First Capital Bank.

Overview

As of December 2021, the Group had assets of US$1.375 billion. At that time, the group held US$887.2 millions in customer deposits in five Southern African countries and employed over 1,770 staff. At that time, shareholders' equity was US$116.7 million.

History

FMBCapital Holdings was founded in Malawi in 1995 as

First Merchant Bank First Capital Bank Malawi Plc, formerly known as First Merchant Bank Plc, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator. It is a subsidiary of FMB Capital Holdings ...

by Hitesh Anadkat and his family, who partnered with Prime Bank of

Kenya ) , national_anthem = "Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

. 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. 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 First Capital Bank Botswana Limited, formerly known as Capital Bank, is a commercial bank in Botswana, licensed by the Bank of Botswana, the central bank and national banking regulator. It is a subsidiary of FMBCapital Holdings Plc, a Mauritius ...

. The bank expanded its regional footprint in 2013, with the acquisition of the ICB Banking Group's businesses in Malawi, Zambia and Mozambique. First Capital listed on the

Malawi Stock Exchange The Malawi Stock Exchange (the MSE) is a stock market, with three licensed brokers is based in Blantyre, Malawi. Overview The Malawi Stock Exchange was inaugurated in March 1995 and opened for business for the first time on 11 November 1996, un ...

in 2009. In 2017, First Capital acquired 100 percent ownership in Opportunity Bank of Malawi. That same year, First Capital acquired a controlling stake in

Barclays Bank of Zimbabwe First Capital Bank Zimbabwe Limited, formerly known as Barclays Bank of Zimbabwe, is a commercial bank in Zimbabwe, licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator. The bank is a subsidiary of FMBCapit ...

. 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.

Ownership

The shares of

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

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.

Governance

The group is governed by a seven-person

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

, comprising a non-executive chairman, four non-executive directors, and two executive directors. As of 2022, the group chairman is Terence Davidson and the group managing director is Jaco Viljoen. Hitesh Anadkat sits on the board as a non-executive director.

Subsidiaries

Te subsidiary companies of FMBCapital Holdings Plc include the following: *

First Capital Bank Malawi Limited First Capital Bank Malawi Plc, formerly known as First Merchant Bank Plc, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator. It is a subsidiary of FMB Capital Holdings. ...

: 100% ownership, established June 1995. *

: 42% ownership, established July 2008. *

First Capital Bank Mozambique First Capital Bank Mozambique (FCBM), is a commercial bank in Mozambique, that is licensed by the Bank of Mozambique, the central bank and national banking regulator. FCBM is a subsidiary of FMBCapital Holdings Plc, a financial services con ...

: 80% ownership, acquired June 2013. *

First Capital Bank Zambia Limited First Capital Bank Zambia Limited, is a commercial bank in Zambia that is licensed by the Bank of Zambia, the central bank and national banking regulator. It is a subsidiary of FMBCapital Holdings Plc, a financial services conglomerate, based ...

: 49% ownership, acquired June 2013. *

First Capital Bank Zimbabwe Limited First Capital Bank Zimbabwe Limited, formerly known as Barclays Bank of Zimbabwe, is a commercial bank in Zimbabwe, licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator. The bank is a subsidiary of FMBCapit ...

: 62% ownership, acquired October 2017.

References

External links

Official Website
{{coord, 20, 14, 32, S, 57, 29, 34, E, display=title Banks of Mauritius Banks established in 2017 Companies based in Ebene, Mauritius Companies listed on Malawi Stock Exchange 21st-century establishments in Mauritius