Type Public Industry Financial Services Headquarters Limbe, Malawi Number of locations 19 | Traded as MSE:Standard Number of employees 600 Founded 15 March 1969 Parent organization Standard Bank | |
Products Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages Revenue MWK: 21.4 Billion (2013) Net income MWK: 12.1 Billion (2013) | ||
The Standard Bank of Malawi (previously known as the Commercial Bank of Malawi) is a national bank in Malawi. The bank has 19 branches across Malawi and a workforce of 600.
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One branch of the bank is located on the main north-south road in Nkhotakota, offering foreign exchange facilities yet no credit card withdrawals.
History
The bank registered as a commercial bank on 15 March 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%). The first branch was opened in Limbe on 11 April 1970.
In June 1998, the company's stock was listed on the Malawi Stock Exchange after a successful IPO.
In December 2001, Standard Bank, through its subsidiary Stanbic Africa Holdings, acquired a 60.18% interest in the bank and became the majority shareholder. The Commercial Bank of Malawi then went through several name changes from Stanbic Bank to Standard Bank Limited on June 1, 2007 to identify with its parent bank, the Standard Bank Group of South Africa.
Ownership
The shareholding of Standard Bank Malawi is as follows: