Standard Bank Malawi

Standard Bank of Malawi Limited
Company typePublic
MSE:STANDARD
IndustryFinancial services
FoundedMarch 15, 1969; 55 years ago (1969-03-15)
HeadquartersStandard Bank Centre, African Unity Road, Lilongwe 3, Malawi
Key people
Vacant
Chairperson
Phillip Madinga
Chief Executive Officer[1]
ProductsLoans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
RevenueIncrease: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

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]

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
Rank Name of Owner Percentage Ownership
1 Standard Bank Group 54.70
2 Public 18.85
3 NICO Holdings Limited 18.20
4 Old Mutual Life Assurance Company Limited 4.89
5 Press Trust 2.11
6 Magetsi Pension Fund 1.25
Total 100.00

Branches

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

Standard Bank Malawi Branch List
Rank Branch Name Branch Code Location
1 Blantyre Branch 1005 Blantyre
2 Capital City Branch 1015 Lilongwe 3
3 Limbe Branch 1004 Limbe
4 Ginery Corner Branch 1005 Blantyre 3
5 Zomba Branch 1006 Zomba
6 Mangochi Branch 1008 Mangochi
7 Balaka Branch 1009 Balaka
8 Luchenza Branch 1010 Luchenza
9 Ntcheu Branch 1011 Ntcheu
10 Mwanza Branch 1013 Mwanza
11 Dedza Branch 1014 Dedza
12 Lilongwe Branch 1016 Lilongwe
13 Salima Branch 1017 Salima
14 Kasungu Branch 1018 Kasungu
15 Dwangwa Branch 1019 Dwangwa
16 Mzuzu Branch 1021 Mzuzu
17 Mzuzu Digital Branch 1033 Mzuzu
18 Mzimba Branch 1022 Mzimba
19 Chichiri Branch 1024 Chichiri, Malawi
20 Mponela Branch 1030 Mponela
21 CBC Branch 1025 Blantyre
22 Kanengo Branch 1026 Kanengo
23 City Mall Branch 1031 Lilongwe
24 Karonga Branch 1037 Karonga
25 Nchalo Branch 1029 Nchalo
26 Bwaila Branch 1028 Bwaila
27 Gateway Mall Digital Branch 1032 Lilongwe
27 Total

Governance

The chairman of the ten-person Board of Directors is Dr Ngeyi Kanyongolo. The managing director and CEO is Phillip Madinga.[1][4]

See also

References

  1. ^ a b Standard Bank Malawi (28 April 2022). "Members of the Executive committee for Standard Bank Malawi Plc". Standard Bank Malawi. Lilongwe. Retrieved 28 April 2022.
  2. ^ a b c 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. ^ a b c 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.

13°57′42″S 33°47′32″E / 13.96167°S 33.79222°E / -13.96167; 33.79222