Type Private Key people Managing Director Founded 1972 | Industry Financial Services Headquarters Blantyre Parent organization National Bank of Malawi | |
Products Loans, Checking, Savings, Investments, Debit Cards Revenue :Pretax:US$2.8 million (MWK:455+ million) (2010) Total assets US$79 million (MWK:12.8 billion) (2010) | ||
Indebank is a commercial bank in Malawi. It derives its name from Investment and Development Bank of Malawi Limited, the original name at the time of its founding. Indebank is one of the commercial banks licensed by the Reserve Bank of Malawi, the national banking regulator.
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Overview
The bank is a medium-sized financial services provider in Malawi. As of December 2010, the bank's total assets were valued at approximately US$79 million (MWK:12.8 billion), with shareholders' equity of approximately US$13.1 million (MWK:2.1 billion). The Malawian Government is the largest shareholder in the bank. Indebank maintains three subsidiaries:
- Indetrust Holdings Limited: 51% shareholding - Real estate leasing
- Indetrust Limited: 100% shareholding - Pension fund manager
- Indebank Financial Services Limited: 100% shareholding - Currently dormant
History
Indebank was established in 1972. In the beginning, the institution was a development bank. In 2001, Indebank transformed into a commercial bank following the issuance of a commercial banking license. In June 2010, TransAfrica Holdings Limited, a private equity firm based in Mauritius divested its 41.38% shareholding in Indebank. That ownership interest was acquired by the Government of Malawi at an undisclosed sales price. The government has indicated its desire to sell its interest in Indebank at an IPO on the Malawi Stock Exchange in the future.
Ownership
The bank's stock is owned by the following corporate entities:
Branch network
The bank maintains nine (9) branches, five (5) of which, are full service branches in the metropolitan areas of Blantyre, the business capital and of Lilongwe, the political capital of Malawi. The remaining four (4) agency branches are located in the towns of Mponela, Salima, Luchenza and Karonga.