Indebank

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]

Indebank
TypePrivate
IndustryFinancial Services
Founded1972
HeadquartersIndebank House
Blantyre, Malawi
Key people
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
Revenue:Pretax:US$2.8 million (MWK:455+ million) (2010)
Total assetsUS$79 million (MWK:12.8 billion) (2010)
WebsiteHomepage

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
1Government of Malawi41.38
2Press Trust of Malawi30.00
3Admarc Investments Limited of Malawi25.67
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

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
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