FMB announces buying Opportunity Bank of Malawi

FMB, one of the country’s commercial banks listed on the Malawi Stock Exchange (MSE),  has announced that it is taking over the Opportunity Bank of Malawi (OBM).

FMB

Briefing reporters in Lilongwe,  FMB chairman Hitesh Anadkat said the two banks have agreed the take over, saying the acquisition of OBM will increase his bank’s balance sheer by 15 percent.

“I have no doubt that we will elarn agreat deal from our OBM colleagues about how to carry out FMB’s strategic intent of growing our structured finance business, especially with smallholder farmers,” said Anadkat.

FMB which recently competed the acquision of the controlling stake in Barclays Bank Zimbabwe Limited, also disclosed intentions to transfer their shares in FMB to Mauritian based FMB Capital Holdings Plc (FMBCH.

“We are making Mauritius our legal head office and what this means is that current shareholders will get a share to share swap in FMBCH. They will trade and buy shares as they were previously doing,” he said.

FMB which has been trading on the Malawi Stock Exchange (MSE) since 2006 has 2.3 billion shares in issue on the local bourse.

In the period ending December 31 the bank posted a net profit after tax of K5 184 million which was 32 percent  up on the figure for 2015 largely due to considerably stronger returns by both interest and non-interest activities.

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charlie hebdo
charlie hebdo
3 years ago

What happened to the recently announced merger of Opportunity Bank with New Finance Bank? Will both banks be bought by FMB? FMB is the smartest bank in Malawi…thats for sure. They will soon rule the banking sector in Malawi

Jamie Mukheto
Jamie Mukheto
3 years ago

Good move to widen the foot print and FMB is fast becoming the most loved bank in Limbe, Zomba, Lilongwe, Mzuzu. I like this bank and we are well served as customers in the branches by majority youthful staff. Other banks are flooded with the majority of old timers and they tend to take their time when serving customers and I will not mention them.

ChangingFaces
ChangingFaces
3 years ago

contrasting fortunes… While STD, NBM & FMB have been making massive profits, NBS has been making losses!! Losses so catastrophic that it required recapitalisation through a Rights Issue of shares to existing shareholders, to avoid losing its banking license!!! now, this is a third time NBS time NBS has gone through a recapitalisation of this kind. Questions: With enormous talent available in the country, why is NBS failing to thrive as a bank? why does RBM allow NICO to continue operating a bank when it’s shown that it is incapable of doing so? if I had my way, NICO would… Read more »

gule
gule
3 years ago

You are busy buying banks while paying your staff peanuts hehehe. Ogwila ntchito ku banki iyi amandivetsa chisoni. Why doesnt RBM want to come to the rescue of these poor malawians who are being exploited these foreigners before approving these acquisitions

Muva
Muva
3 years ago

National bank watch this space…this fmb brand is coming after you. From a National Bank customer who wants to move on

AOJA
AOJA
3 years ago

Running to pay taxes in Malawi kikiki relocating to Mauritius

this is it
this is it
3 years ago
Reply to  AOJA

Actually tax payable ids more for a foreign owned bank than currently it is.

NYOVEST
NYOVEST
3 years ago

Please Anadkat stop paying your staff peanuts.

By the way where are you getting the moneys from to buy all these banks or I’m I smelling ISIS money here?

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