National Bank of Malawi
|Traded as||MAL: NBM|
|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)|
Number of employees
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 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.
|Rank||Name of Owner||Percentage Ownership|
|1||Press Corporation Limited||51.5|
|2||Old Mutual Group||24.9|
|3||Members of the public||21.8|
|4||Employee Share Ownership Plan||1.8|
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.
- List of Licensed Commercial Banks In Malawi
- 2009 Audited Financial Report
- Company Profile At Google Finance
- "Founding banks and building societies - National Bank of Malawi". Barclays Bank. Retrieved 2015-08-29.
- Anthony, Michael (2001). Historical Dictionary of Trinidad and Tobago. Scarecrow Press, Inc. Lanham, Md., and London. ISBN 0-8108-3173-2.
- History of National Bank of Malawi
- Shareholding in National Bank of Malawi
- Branches of National Bank of Malawi