First Merchant Bank takes over ICB operations

Operations of the International Commercial Bank (ICB) have been taken over by the First Merchant Bank (FMB) Limited one of the country’s commercial banks.

FMB has bought 100 percent shares in ICB Malawi, 70 percent shares in ICB Mozambique and 62 percent shares in ICB Zambia.

According to the Managing Director for FMB Dheeraj Dikshit,this will strengthen the bank’s position in Malawi and to expand its regional foot print.

He went on to add that the acquisition is as good as done, and is only awaiting the seal of the Malawi Fair Trade Commission.

FMB Managing Director

FMB Managing Director Dikshit

But the FMB boss assured the existing employees at the International Commercial Banks that they will not be offloaded as the bank needs a lot of personnel to its operations.

FMB also has some interests in Botswana, as it holds a percentage in Capital Bank.

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