The Standard Bank of Malawi, previously known as the Commercial Bank of Malawi, is a

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 ...

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 northe ...

. It is licensed by the

Reserve Bank of Malawi The Reserve Bank of Malawi is the central bank of Malawi established in the year 1964 located in Lilongwe. The current governor is Wilson Banda. The Bank is active in promoting financial inclusion policy and is a leading member of thAlliance for ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

and national banking regulator.

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 Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank ...

, 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).

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 Politics of Malawi takes place in a framework of a presidential representative democratic republic, whereby the President of Malawi is both head of state and head of government, and of a multi-party system. Executive power is exercised by the g ...

(b)

Press Holdings Limited Press Holdings and May Corporation Limited are two Jersey-registered holding companies owned by Frederick Barclay, which control the UK holding company Press Acquisitions Limited, which in turn owns the Telegraph Media Group, parent company of '' ...

and (c)

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. 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). In 2001,

Standard Bank Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. History ...

, a large

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring coun ...

n financial services

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...

, 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.

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 compan ...

of Standard Bank Malawi are 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, u ...

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.

Branches

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

Governance

The chairman of the ten-person Board of Directors is Dr Ngeyi Kanyongolo. The managing director and CEO is Phillip Madinga.

References

External links

Website of Standard Bank Malawi

Foreign Managers Cause Havoc At Standard Bank Malawi
As of 9 March 2018.
Standard Bank Malawi Takes Back Kubwalo-Chaika - K1.3bn Payout Package Scares Bank
As of 9 November 2018. {{coord, 13, 57, 42, S, 33, 47, 32, E, display=title Banks of Malawi Banks established in 1969 Companies listed on Malawi Stock Exchange 1969 establishments in Malawi Lilongwe Standard Bank Group