The Registrar of Financial Institutions has directed that Indebank operations be merged into National Bank of Malawi (NBM) operations within 12 months effective November 1 2015. This is in accordance with the country’s Financial Services Act, which does not allow a commercial bank to own or operate another commercial bank. NBM was announced successful bidder […]
President Peter Mutharika and his government are clueless on how to use the K12 billion realised from the controversial sale of Malawi Savings Bank and Inde Bank. Spokesman for Finance ministry Nations Msowoya told a local radio station Wednesday that his ministry is yet to consult on how to use the money which is already […]
It’s now official, government has sold Malawi Savings Bank (MSB) sold at K9.5bn ($21.1 million) while Indebank has been sold at K6.7bn ($14.9 million). MSB has been sold to FDH Financial Holdings Limited whose chief executive officer is Thom Mpinganjira. The signing ceremony toook place on Thursday in the capital Lilongwe which saw Finance Minister Goodall […]
The Public Private Partnership Commission (PPPC) has announced that National Bank of Malawi (NBM) emerged the preferred bidder for the recapitalisation of the partially-State owned Indebank beating two other bidders including Mulli Holdings. PPPC chief executive officer Jimmy Lipunga said at a news conference in Blantyre that the commission concluded the evaluation of “the best […]
Malawi is selling portions of two commercial banks to re-capitalise in a move meant to turn around the struggling banks, the government’s divestiture agency said on Monday. The Public Private Partnerships Commission (PPPC) requested strategic investors to buy a controlling stake in state-owned Malawi Savings Bank (MSB) and Indebank Malawi Ltd., in which the government […]
One of the country’s commercial banks, Indebank, has unveiled a end of year promotion that will see its customers win prizes in what the bank calls Phindu Promotion, and launched in Blantyre. Indebank Head of Personal and SME Banking, Howard Bowa, said the aim of the promotion is to encourage existing and prospective customers to open accounts. […]
One of the Malawi’s leading commercial bank, IndeBank has reaffirmed its commitment to the corporate social responsibility in the country towards alleviating some of the challenges in the areas of health, education and economic empowerment. IndeBank’s Marketing manager Maxwell Ng’ambi on Friday presented 10 scholarships to 10 visually impaired students of Ngabu secondary school in […]
Police in Malawi’s commercial capital Blantyre have arrested two employees of Indebank’s Top Mandala branch is connection with the theft of over K82 million at its Henderson Street service centre. The two, a security guard and bank clerk, are suspected to have connived with the seven armed robbers who entered the bank through the backdoor […]
One of the country’s commercial banks, Indebank, has launched the Mbwe! Mbwe! Mbwe! Promotion targeted at fixed deposit account holders and customers stand a chance to win a grand prize of K1.5 million (about $3 571). Indebank chief executive officer William Chatsala said eligibility into the promotion lies in opening fixed deposit accounts with a minimum […]
The management of Indebank in Malawi has relocated its Henderson Street branch and offices that are currently situated opposite Development House in the commercial city of Blantyre. It is reported that the new allocation is between Chayamba Building and Malswitch along Henderson Street in the city. According to the Indebank’s management, the relocation is effective […]