Indebank

Last updated
Indebank
TypePrivate
Industry Financial services
Founded1972
HeadquartersIndebank House
Blantyre, Malawi
Key people
 Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
RevenueIncrease2.svg:Pretax:US$2.8 million (MWK:455+ million) (2010)
Total assets US$79 million (MWK:12.8 billion) (2010)
Website Homepage

Indebank was a commercial bank in Malawi. It derived its name from Investment and Development Bank of Malawi Limited, the original name at the time of its founding. Indebank is one of the commercial banks licensed by the Reserve Bank of Malawi, the national banking regulator. [1]

Contents

Indebank ceased to operate on 30 April 2016 and its operating assets and liabilities were acquired by National Bank of Malawi effective 1 May 2016. Indebank's banking licence was consequently surrendered to the central bank.

Overview

The bank was a medium-sized financial services provider in Malawi. As of December 2010, the bank's total assets were valued at approximately US$79 million (MWK:12.8 billion), with shareholders' equity of approximately US$13.1 million (MWK:2.1 billion). [2] The Malawian Government was the largest shareholder in the bank. Indebank maintains three subsidiaries: [3]

  1. Indetrust Holdings Limited: 51% shareholding - Real estate leasing
  2. Indetrust Limited: 100% shareholding - Pension fund manager
  3. Indebank Financial Services Limited: 100% shareholding - Currently dormant

History

Indebank was established in 1972. In the beginning, the institution was a development bank. In 2001, Indebank transformed into a commercial bank following the issuance of a commercial banking license. In June 2010, TransAfrica Holdings Limited, a private equity firm based in Mauritius divested its 41.38% shareholding in Indebank. That ownership interest was acquired by the Government of Malawi at an undisclosed sales price. The government had indicated its desire to sell its interest in Indebank at an IPO on the Malawi Stock Exchange in the future. [4]

Ownership

The bank's stock was owned by the following corporate entities: [5] [6]

Indebank Stock Ownership
RankName of OwnerPercentage Ownership
1 Government of Malawi 41.38
2Press Trust of Malawi 30.00
3Admarc Investments Limited of Malawi 25.67
4Indebank Employee Investment Plan02.95
Total100.00

Branch network

The bank maintained nine (9) branches, five (5) of which, are full service branches in the metropolitan areas of Blantyre, the business capital and of Lilongwe, the political capital of Malawi. [7] The remaining four (4) agency branches are located in the towns of Mponela, Salima, Luchenza and Karonga. [8]

See also

Related Research Articles

Spire Bank, formerly known as Equatorial Commercial Bank(ECB), is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.

KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, and KCB Bank Uganda Limited.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

First Capital Bank Malawi Plc, formerly known as First Merchant Bank Plc, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

Prime Bank Kenya (PBKL) is a commercial bank in Kenya, licensed and supervised by the Central Bank of Kenya (CBK), the central bank and national banking regulator.

HF Group, whose official name is Housing Finance Company Limited, but is commonly referred to as Housing Finance, is a mortgage finance provider in Kenya, the largest economy in the East African Community. The company is the only mortgage company regulated by the Central Bank of Kenya, the central bank and national banking regulator.

Development Bank of Kenya(DBK), is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.

NBS Bank Limited, commonly referred to as NBS Bank, is a commercial bank in Malawi. It is licensed as a commercial bank, by the Reserve Bank of Malawi, central bank and national banking regulator.

National Bank of Malawi(NBM), is a commercial bank in Malawi. The bank is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

FDH Bank, also FDH Bank Limited, is a commercial bank in Malawi. It is one of the commercial banks licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

FirstRand

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

CBZ Bank Limited, also CBZ Bank, is a commercial bank in Zimbabwe. It is one of the financial services institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

Steward Bank, whose official name is Steward Bank Limited, is a commercial bank in Zimbabwe. It is one of the regulated banking institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

Equity Bank South Sudan Limited (EBSSL) is a commercial bank in South Sudan. The bank provides banking services to individuals and to small and medium business enterprises. It is one of the commercial banks licensed to operate in the country by the Bank of South Sudan, the central bank and national banking regulator.

Equity Bank Rwanda Limited (EBRL), is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator.

First Capital Bank Zimbabwe Limited, formerly known as Barclays Bank of Zimbabwe, is a commercial bank in Zimbabwe, licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.

CDH Investment Bank

CDH Investment Bank (CDHIB), is an investment bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

The Standard Bank of Malawi, previously known as the Commercial Bank of Malawi, is a commercial bank in Malawi. It is licensed by the Reserve Bank of Malawi, the central bank and national banking regulator.

Union Bank of Colombo PLC, commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.

References

  1. ↑ "List of Licensed Commercial Banks In Malawi". Archived from the original on 2006-07-16. Retrieved 2010-11-01.
  2. ↑ "31 December 2010 Audited Financial Statement" (PDF). Archived from the original (PDF) on 1 May 2012. Retrieved 19 December 2011.
  3. ↑ About Indebank
  4. ↑ Government Plans Indebank IPO
  5. ↑ Shareholders in Indebank
  6. ↑ "Shareholding In 2010" (PDF). Archived from the original (PDF) on 2012-05-01. Retrieved 2011-12-19.
  7. ↑ "Location of Indebank Full Service Branches". Archived from the original on 2011-07-13. Retrieved 2010-11-01.
  8. ↑ Location of Agency Branches of Indebank [ permanent dead link ]
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.