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NBS Bank
NBS Bank Limited, commonly referred to as NBS Bank, is a commercial bank in Malawi. It is licensed as a commercial bank, by the Reserve Bank of Malawi, central bank and national banking regulator.[2] LocationThe head office and man branch of NBS Bank are located in NBS House, at the corner of Chipembere Highway and Johnstone Road, in the city of Blantyre, the financial capital of Malawi. This location is often referred to as Ginnery Corner, in the neighborhood known as Chichiri, Blantyre.[3] The geographical coordinates of this bank's headquarters are: 15°48'02.0"S, 35°01'20.0"E (Latitude:-15.800556; Longitude:35.022222).[4] OverviewNBS Bank is a midsized retail bank in Malawi. As of December 2018[update], the bank's asset base was valued at MWK:123.1 billion (US$170 million), with shareholders' equity of MWK:11.5 billion (approximately US$16 million).[1] HistoryIn 1964, Central Africa Building Society, Commonwealth Century Building Society and First Permanent Building Society merged to form New Building Society (NBS). The institution converted into a commercial bank in 2004, following the issuance of a banking license by the Reserve Bank of Malawi, the national banking regulator.[5] OwnershipThe shares of the bank are traded on the Malawi Stock Exchange, where they are listed under the symbol NBS. The shareholders in the stock of NBS Bank included the following, as of December 2018:[1]
Branches and departmentsAs of April 2020[update], the bank maintains branches at the following locations. The branches are referred to as Service Centres.[6]
GovernanceVizenge Kumwenda serves as the chairman of the eleven-person board of directors.[7] The chief executive officer is Kwanele Ngwenya, who is assisted by fifteen other senior managers in the day-to-day running of the company.[8] RecapitalizationDuring 2015, NBS Bank fell below the minimum capital requirements for commercial banks in Malawi, under the Basel II financial guidelines. NBS Bank applied to the Reserve Bank of Malawi to be given time to implement a rights issue and restore compliance. That permission was granted, with a deadline of 30 June 2017. The capital call to existing shareholders was opened from 19 May 2017 and closed on 23 June 2017.[9] A total of MWK:11.6 billion (approximately US$16.25 million) in new capital was raised.[10] Other changes at the bank, in the same time frame, included retrenchment of some of the employees.[11] See alsoReferences
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