National Bank of Malawi acquires 51% stake in Akiba Commercial Bank Tanzania

MALAWI – National Bank of Malawi Plc. (NBM) has concluded the acquisition process of 51 percent stake in Tanzania’s Akiba Commercial Bank (ACB) through a share subscription for a consideration of US$7.31 million. The Malawi Stock Exchange listed NBM becomes a second local bank to have footprints outside the country after First Capital Bank. In a cautionary statement released by NBM, the bank says it is still negotiating with ACB to acquire an additional stake; therefore, shareholders should exercise caution. “The acquisition is in line with NBM plc’s current strategic…

Read More

The National Bank of Malawi to acquire majority stake in Akiba Bank

MALAWI – The National Bank of Malawi (NBM) is targeting to acquire 75 percent of Akiba Commercial Bank (ACB), making it the first Malawian bank to head north. This comes following the signing of a Share Subscription Agreement of 31 January 2020 between NBM, Malawi’s leading commercial bank, and ACB. The Fair Competition Commission (FCC) said in a public notice on Wednesday that it was investigating the merger deal. “FCC is currently investigating the intended acquisition in line with the provisions of the Fair Competition Act and the Competition Rules,…

Read More