The Commercial Bank of Malawi now known as Standard Bank Limited is a national bank in Malawi.
The bank registered as a commercial bank on 15 March 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Corporation (20%), Press Holdings Limited (20%) and Banco Pinto Sotto Mayor (60%). The first branch was opened in Limbe on 11 April 1970.
In December 2001, Standard Bank, through its subsidiary Stanbic Africa Holdings, acquired a 60.18% interest in the bank and became the majority shareholder. The Commercial Bank of Malawi then went through several name changes from Stanbic Bank to Standard Bank Limited on June 1 2007 to identify with its parent bank, the Standard Bank Group of South Africa.
The bank has 19 branches across Malawi and a workforce of 600.
One branch of the bank is located on the main north-south road in Nkhotakota, offering foreign exchange facilities yet no credit card withdrawals.
Famous quotes containing the words commercial and/or bank:
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—Oscar Wilde (1854–1900)
“A man’s labour is not only his capital but his life. When it passes it returns never more. To utilise it, to prevent its wasteful squandering, to enable the poor man to bank it up for use hereafter, this surely is one of the most urgent tasks before civilisation.”
—William Booth (1829–1912)