National Bank of Malawi
In fact, the recent shareholding structure of the Bank, as on 31st December 2006, is mentioned below:
- Press Corporation Limited - 51.8%
- Old Mutual Group - 25.0%
- Members of the Public - 22.0%
- Employees or ESOP - 1.2%
The year 1971 saw the birth of the National Bank of Malawi, when Barclays Bank and the Standard Bank combined themselves. It was effective from 1st of July 1971, a time when the Barclays and Standard Banks jointly held 51.0% of the total equity. 29.0% of the equity was under Press (Holding) Limited while the Agricultural Development and Marketing Corporation (ADMARC) had 20% of the equity.
With the vision of being the best financial organization in the country, the National Bank of Malawi takes active participation in commendable social and benevolent works, focusing directly on environmental health and hygiene, education and community programs. The reason behind participating in such activities is to reveal the leadership qualities of the Bank to contribute substantially in the overall economic and social development of Malawi, and to make the Bank's presence felt more in the economic market as well.
The National Bank of Malawi aims at providing excellent customer services to both native population and foreigners. The functions of the Bank are characterized by innovations in the field of products as well as persistent growth in its income.
The services and products of the National Bank of Malawi include the following:
- Loans: The National Bank of Malawi offers loans to finance working capital and for construction purposes. Besides it also offers foreign currency and banker's acceptance loans. The National Bank of Malawi also provides an array of term loans.
- Asset Finance: The Asset Finance Division of the National Bank of Malawi offers lease finance, revolving credit facility. It invites investment in lieu of attractive rates of interest.
- Card services : One can enjoy the services offered by the different cards provided by the National Bank of Malawi. They are money card, International dollar card, money card gold etc.
- Treasury products: Treasury products like forward exchange contracts, options, Foreign Currency Denominated Accounts are made available to the customers of the National Bank of Malawi.
- Moneygram : This system facilitates international transfer of money at all the National Bank of Malawi branches.