National Bank of Malawi
|Traded as||MAL: NBM|
|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)|
|Total assets||US$495 million (2009)|
NBM is a large financial services institution, serving the banking needs of the people and businesses in Malawi. As of December 2009[update], 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
National Bank of Malawi 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. 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.
|National Bank of Malawi Stock Ownership|
Mathews Chikaonda, a non-executive director, serves as the Chairman of the nine (9) 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.