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.
|Founded||March 15, 1969|
|Headquarters||Standard Bank Centre, African Unity Road, Lilongwe 3, Malawi|
|Ngeyi Ruth Kanyongolo|
Chief Executive Officer
|Products||Loans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages|
|Revenue||:Aftertax: MWK:15.9 billion (US$22 million) (2019)|
|Total assets||MWK:375.26 billion (US$519 million) (2019)|
Number of employees
The headquarters of Standard Bank Malawi are located in the Standard Bank Centre, African Unity Avenue, Lilongwe 3, in Malawi's capital city.
Standard Bank Malawi is a large financial services provider, serving the banking needs of large companies, small and medium enterprises, as well as individuals. As of December 2019, the bank's total assets were valued at MWK:375.26 billion (US$519 million), with shareholders' equity of MWK:87.24 billion (US$121 million).
The bank was established in Malawi on 15 March 1969, as Commercial Bank of Malawi. The founding shareholders were (a) the government of Malawi (b) Press Holdings Limited and (c) Banco Pinto & Sotto Mayor. By the mid 1980s, the bank became a wholly Malawian enterprise, with shareholders being (a) Malawian Development Corporation (20 percent) (b) Press Holdings (40 percent) (c) Government of Malawi (30 percent) and (d) Admarc (10 percent). In 1998, the government of Malawi sold its 30 percent shareholding by floating the bank's stock on the Malawi Stock Exchange (MSE).
In 2001, Standard Bank, a large South African financial services conglomerate, acquired 60 percent shareholding in Commercial Bank of Malawi (CBM). Initially the name of the bank changed to Stanbic Bank Malawi and on 1 June 2007 to Standard Bank Malawi.
The shares of stock of Standard Bank Malawi are listed on the Malawi Stock Exchange where they trade under the symbol STANDARD. As of 31 December 2018, the major shareholders in the bank were as listed in the table below.
|Rank||Name of Owner||Percentage Ownership|
|1||Standard Bank Group||54.70|
|3||NICO Holdings Limited||18.20|
|4||Old Mutual Life Assurance Company Limited||4.89|
|6||Magetsi Pension Fund||1.25|
As of May 2020, the bank maintained networked branches at the following locations.
|Rank||Branch Name||Branch Code||Location|
|2||Capital City Branch||1015||Lilongwe 3|
|4||Ginery Corner Branch||1005||Blantyre 3|
|17||Mzuzu Digital Branch||1033||Mzuzu|
|19||Chichiri Branch||1024||Chichiri, Malawi|
|23||City Mall Branch||1031||Lilongwe|
|27||Gateway Mall Digital Branch||1032||Lilongwe|
- Standard Bank Malawi (28 April 2022). "Members of the Executive committee for Standard Bank Malawi Plc". Standard Bank Malawi. Lilongwe. Retrieved 28 April 2022.
- Standard Bank Malawi (27 February 2020). "Annual Results And Financial Statements For The Year Ended 31 December 2019" (PDF). Lilongwe: Standard Bank Malawi. Retrieved 2 May 2020.
- Reserve Bank of Malawi (2 May 2020). "List of Banks & Other Financial Institutions". Lilongwe: Reserve Bank of Malawi. Retrieved 2 May 2020.
- Nyasa Times (11 April 2019). "Standard Bank Malawi In 50 Years Anniversary". Nyasa Times. Blantyre. Retrieved 2 May 2020.
- Market Screener (March 2019). "Shareholders of Standard Bank Malawi". Mrketscreener.com. Retrieved 2 May 2020.
- Standard Bank Malawi (2 May 2020). "Branch List of Standard Bank Malawi". Lilongwe: Standard Bank Malawi. Retrieved 1 May 2020.
- Website of Standard Bank Malawi
- Foreign Managers Cause Havoc At Standard Bank Malawi As of 9 March 2018.
- Standard Bank Malawi Takes Back Kubwalo-Chaika - K1.3bn Payout Package Scares Bank As of 9 November 2018.