FMBCapital Holdings Plc

Last updated

FMBCapital Holdings Plc
FMBCapital Bank
Type Public
MSE: FMBCH
Industry Financial services
Predecessor First Merchant Bank Group (FMB Group)
Founded1995;27 years ago (1995) Blantyre, Malawi
Founder Hitesh Anadkat
Headquarters Ebene, Mauritius
Area served
 Botswana, Malawi, Mozambique, Zambia, Zimbabwe
Key people
Terence Davidson
Chairman [1]
Jaco Viljoen
Managing Director [1]
ProductsBanking
Total assets US$:1.375 billion (December 2021) [2]
Number of employees
1,773 (December 2021) [2]
Website fmbcapitalgroup.com

FMBCapital Holdings Plc, also referred to as First Capital Bank Group, is a financial services holding company based in Mauritius. It operates commercial banks in the Southern African countries of Botswana, Malawi, Mozambique, Zambia and Zimbabwe, which trade as First Capital Bank. [3]

Contents

Overview

As of December 2021, the Group had assets of US$1.375 billion. At that time, the group held US$887.2 millions in customer deposits in five Southern African countries and employed over 1,770 staff. At that time, shareholders' equity was US$116.7 million. [2]

History

FMBCapital Holdings was founded in Malawi in 1995 as First Merchant Bank by Hitesh Anadkat and his family, who partnered with Prime Bank of Kenya. It became Malawi's first private bank and was granted the third ever banking licence in Malawi. First Capital had a successful start and began to show profits after only two years of trading. [4]

In the year 2000, First Capital wholly acquired the Leasing and Finance Company Malawi Limited, which has since been dissolved and merged into First Capital Bank Malawi. In 2008, First Capital led a consortium that was granted a banking licence in Botswana, leading to the establishment of First Capital Bank Botswana Limited. The bank expanded its regional footprint in 2013, with the acquisition of the ICB Banking Group's businesses in Malawi, Zambia and Mozambique. [5]

First Capital listed on the Malawi Stock Exchange in 2009. In 2017, First Capital acquired 100 percent ownership in Opportunity Bank of Malawi. [6] That same year, First Capital acquired a controlling stake in Barclays Bank of Zimbabwe. In December 2017, First Capital de-listed its shares from the Malawi Stock Exchange (MSE). The value of First Capital stock shares were acquired by the newly-created holding company, FMBCapital Holdings Plc, whose shares are now listed in the MSE. [7]

Ownership

The shares of stock of FMBCapital holdings Plc are traded under the symbol FMBCH. As of 31 December 2018, the countries of origin of the shareholders is as illustrated in the table below. [8]

FMBCapital Plc Stock Ownership
RankCountryNumber of InvestorsPercentage of TotalPercentage Ownership
1 Angola 50.29
0.01
2 Botswana 10.06
0.00
3 Cayman Islands 10.06
0.00
4 Isle of Man 10.06
3.59
5 Kenya 30.17
21.36
6 Malawi 1,65695.39
27.10
7 Mauritius 10.06
31.17
8 Portugal 80.46
0.09
9 South Africa 40.23
0.00
10 United Kingdom 80.46
16.60
11 United States 60.35
0.03
12Undisclosed402.30
0.04
13 Zimbabwe 20.12
0.00

Governance

The group is governed by a seven-person board of directors, comprising a non-executive chairman, four non-executive directors, and two executive directors. As of 2022, the group chairman is Terence Davidson and the group managing director is Jaco Viljoen. Hitesh Anadkat sits on the board as a non-executive director. [1]

Subsidiaries

Te subsidiary companies of FMBCapital Holdings Plc include the following: [3]

See also

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References

  1. 1 2 3 FMBCapital Holdings Plc (6 April 2020). "Board of Directors". Ebene, Mauritius: FMBCapital Holdings Plc. Retrieved 6 April 2020.
  2. 1 2 3 FMBCapital Holdings (29 June 2022). "FMBCapital Holdings Annual Financial Report 31 December 2021" (PDF). FMBCapital Holdings. Ebene, Mauritius. Retrieved 29 June 2022.
  3. 1 2 African Financials (18 May 2018). "Profile of FMBCapital Holdings Plc". Africanfinancials.com. Retrieved 6 April 2020.
  4. ↑ Nyasa Times (2 August 2013). "Malawi's First Merchant Bank Amasses K3.5 Billion in Profits for Six Months". Nyasa Times . United Kingdom. Retrieved 6 April 2020.
  5. ↑ CFTC Malawi (16 December 2013). "Takeover/Merger between First Merchant Bank and International Commercial Bank". Lilongwe: Competition and Fair Trading Commission of Malawi (CFTC Malawi). Retrieved 6 April 2020.
  6. ↑ Reuters Staff (28 June 2017). "Malawis First Merchant to buy micro lender Opportunity Bank". Reuters . Retrieved 6 April 2020.
  7. ↑ Alfred Chauwa (20 September 2017). "FMB Shareholders Make Historic Malawi Stock Exchange Debut". United Kingdom: Nyasa Times . Retrieved 6 April 2020.
  8. ↑ FMBCapital Group (31 May 2019). "Annual Report and Financial Statements for the year ended 31 December 2018" (PDF). FMBCapital Group. Retrieved 6 April 2020.

Coordinates: 20°14′32″S57°29′34″E / 20.24222°S 57.49278°E / -20.24222; 57.49278

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