Indebank

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Indebank
Private
Industry Financial Services
Founded 1972
Headquarters Indebank House
Blantyre, Malawi
Key people
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase:Pretax:US$2.8 million (MWK:455+ million) (2010)
Total assets US$79 million (MWK:12.8 billion) (2010)
Website Homepage

Indebank was a commercial bank in Malawi. It derived 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.[1]

Overview[edit]

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).[2] The Malawian Government is the largest shareholder in the bank. Indebank maintains three subsidiaries:[3]

  1. Indetrust Holdings Limited: 51% shareholding - Real estate leasing
  2. Indetrust Limited: 100% shareholding - Pension fund manager
  3. Indebank Financial Services Limited: 100% shareholding - Currently dormant

History[edit]

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.[4]

Ownership[edit]

The bank's stock is owned by the following corporate entities:[5][6]


Indebank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Government of Malawi 41.38
2 Press Trust of Malawi 30.00
3 Admarc Investments Limited of Malawi 25.67
4 Indebank Employee Investment Plan 02.95
Total 100.00

Branch network[edit]

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.[7] The remaining four (4) agency branches are located in the towns of Mponela, Salima, Luchenza and Karonga.[8]

See also[edit]

References[edit]

External links[edit]