Reserve Bank of Malawi (RBM) has approved Centenary Rural Development Group Limited of Uganda and the Catholic Archdiocese of Lilongwe to acquire MyBucks Banking Corporation (Malawi) Limited.
In a statement jointly signed by MyBucks Malawi board chairperson Francis Pelekamoyo, Centenary Group chairperson Professor John Ddumba-Ssentamu and Archbishop of Lilongwe Archdiocese the Most Reverend George Desmond Tambala, the registrar of financial services said the approval was granted on December 23 2022.
Reads the statement in part: “With the approval, Centenary Group becomes the bank’s new majority shareholder and the bank becomes Centenary Group’s fourth subsidiary.”
Following the approval, Centenary Group will now own a 51 percent stake and the Archdiocese of Lilongwe 49 percent. Centenary Group is a limited liability company and holding company of Centenary Bank Uganda, the largest commercial microfinance bank in that country. It also has two other subsidiaries, Centenary Foundation and Centenary Technology Services Limited.
The statement said the unique combination of the bank’s new shareholders will enable it to deliver on its financial inclusion agenda and reach out to the unbanked people nationwide to change their lives and contribute to the achievement of the Malawi 2063, the country’s long-term development strategy.
The board submitted the final binding offer in October this year, three months after conducting due diligence on the bank.
In December 2021, the bank’s parent company MyBucks S.A. was placed on bankruptcy and prior to the bankruptcy order, it was in the process of disposing of its 100 percent shareholding in MyBucks Malawi to a strategic investor with the support of RBM.
In July this year, Pelekamoyo said the bank was closing in on a new investor.
He said the new investorwould be vetted after the due diligence, and approved as a shareholder of MyBucks Banking Corporation by the registrar of financial institutions in line with the financial services laws.
RBM has been working with MyBucks S.A. to identify a strategic investor following the bankruptcy order.
Despite the bankruptcy of its parent company, MyBucks Malawi continued to operate normally in line with the Banking Act, with its local operations not impacted.
RBM licensed MyBucks Malawi on May 13 2014 and started its operations on July 24 2015.
The bank was 100 percent owned by MyBucks S.A, whose head office is in Luxembourg and listed on the Börse Frankfurt Stock Exchange
Felix is the Head of Channels at MyBucks since April, 2020. He is responsible for the digital channels and agency Read more
Chitera appointed Acting MD for FDH BankChitera appointed Acting MD for FDH BankAfrica-Press – Malawi. The Board of Directors of Read more
Minister of Trade and Industry Mark Katsonga Phiri says the launch of the Pyxus Agriculture Limited Groundnut Processing Plant will Read more
Airtel Africa has sold its 723 towers in Malawi to Helios Towers, an independent telecommunications infrastructure company, for US$55 million Read more
Reserve Bank of Malawi has ordered Auction Holdings Limited to begin a mandatory sale of 30 percent of it's foreign Read more
The sale of Airtel Malawi’s telecommunications tower to London-based Helios Towers plc will help Airtel to improve and strengthen its Read more
A Mchinji based organization, Girls Activist Youth Organization (GAYO) has trained village savings loan groups locally known as Banki Mkhonde Read more
Malawi’s forex shortage is threatening operations in the airline business, creating uncertainty on the future of the industry, Business News Read more
Local tobacco producers are expressing fear that this year’s tobacco market will be affected by the recent fuel price hike. Read more
National Bank of Malawi (NBM) plc has registered a 52 percent after-tax profit of K34.21 billion for the year ending Read more
