Industry Financial Services Founded 1971 Parent organization Press | Traded as MAL: NBM Number of employees 960 | |
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Key people Mathews Chikaonda, Chairman,George Partridge, Managing Director Products Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages Revenue Aftertax: US$25 million (2009) Profiles | ||
National bank of malawi launches it s green week
National Bank of Malawi (NBM), is a commercial bank in Malawi. The bank is one of the eleven banks licensed by the Reserve Bank of Malawi, the national banking regulator.
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Overview
NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. As of December 2009, the bank's total assets were in excess of US$495 million, with shareholder's equity of about US$78 million. The bank maintains five subsidiary companies, three of which are wholly owned:
- NBM Capital Markets Limited - 100% shareholding
- NBM Securities Limited - 100% shareholding
- NBM Nominees Limited - 100% shareholding
- Stockbrokers Malawi Limited - 75% shareholding
- United General Insurance Limited - 26% shareholding
History
National Bank of Malawi traces its history from the 1890s when African Lakes Corporation established banking business in Nyasaland. In 1918, the National Bank of South Africa (now First National Bank) acquired the banking business of African Lakes Corporation in the colony. In 1925, National Bank of South Africa was merged with the Anglo-Egyptian Bank and the Colonial Bank in 1925 to form Barclays Bank (Dominion, Colonial and Overseas). Barclays thus inherited the National Bank of South Africa's business in the colony.
The bank as is was established in 1971 when Standard Bank of Malawi, with the consent of the Government of Malawi, merged with Barclays Bank of Malawi. In July 1971, the merger was effected, with Standard and Barclays jointly owning 51% of the new bank i.e. 25.5% each. Press Holdings Limited, a private Malawian investment company owned 29% and Agricultural Development and Marketing Corporation (ADMARC), a Malawian parastatal, owned 20%. Over the years, both Standard Bank and Barclays Bank divested from NBM and Old Mutual Group, became an investor in the bank.
At one time Standard Chartered Bank was an investor in NBM, having acquired the assets which formerly belonged to Standard Bank. In August 2000, the stock of National Bank of Malawi became listed on the Malawi Stock Exchange, where it trades under the symbol NBM. At the time of listing, the bank issued 45 million ordinary shares.
Ownership
The stock of National Bank of Malawi is owned by corporate and individual investors. As of May 2015, shareholding in the bank is:
Branch network
As of May 2015, National Bank of Malawi maintains over thirty branches, referred to as "service centers" by the bank.
Governance
Mathews Chikaonda, a non-executive director, serves as the Chairman of the 11 member Board of Directors. The Managing Director and Chief Executive Officer is George Partridge, who is assisted by eleven (11) other senior managers in overseeing the day-to-day activities of the bank.