NBS, Inde Bank purchase National Bank structures

Following a successful completion of the construction of its magnificent head office in downtown Blantyre, National Bank of Malawi (NB) has sold two of its long-standing banking buildings in the city, Nyasa Times can reveal.

The financial services company has sold its structure standing next to Chayamba Building which used to house Henderson Street Branch to Inde Bank.

The institution has also sold to NBS Bank its Limbe building which previously used to accommodate Customs Road Branch, according to Nyasa Times sources within the bank.

NBS Bank are expected to move into the newly acquired refurbished building anytime while Inde Bank have already started packing their assets ready to shift their rented Henderson Street Branch, situated next to the newly built NB head office, to the new banking hall.

However, our sources could not say how much National Bank has offered the properties to the two banks saying the amount was being heavily guarded.

Another development

The country’s largest conglomerate Press Corporation Limited (PCL), who are the major shareholders of National Bank with 51.73 percent, are moving their head offices to the bank’s former head offices, behind the Victoria Avenue Branch and opposite Blantyre Magistrates Court.

Press Corporation has been in Chayamba Building’s top floors since the construction of the outstanding office complex over two decades ago.

However, it remains vague whether or not PCL’s occupation of the NB building is free of charge or at a fairly small charge.

Menawhile

National Bank is asking its former Henderson Street Branch account holders willing to revert to their branch after they were automatically switched to Victoria Avenue Service Centre a few years ago due to a restructuring exercise.

The bank has resumed the services of Henderson Street Branch within its imposing state-of-the-art headquarters, standing next to Reserve Bank of Malawi (RBM) House.

NB Spokesperson, who is also the Corporate Affairs Manager Anne Magola, said the banking hall for the new Henderson Street Branch has a modern queuing system.

“It is a first of its kind in the country. Customers will now be getting numbers from a machine which has been installed within the banking hall after selecting the activity they want to do, be it deposit, withdrawal or forex,” said Magola.

The service centre also has two in-lobby Auto Teller Machines (ATMs) in addition to two other ATMs outside the building.

She also urged large cash depositors to use Henderson Street for their deposits because the centre has the best, most advanced, secure and spacious facilities to cater for large depositors.

The bank, which was listed on the Malawi Stock Exchange in August 2000, is expected to completely relocate its head offices into the new building within the next few weeks.

NBM is fully computerized, having adopted a highly sophisticated computer technology named the Bankmaster/Branchpower System, sourced from Kindle of Dublin, Ireland.

Its current shareholding structure has PCL (51.73 percent), Old Mutual Group has 24.83 percent while members of the Public and employees (ESOP) have 22.03 percent

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