Standard Bank clocks 48 years in Malawi

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Standard Bank has clocked 48 years while serving people in Malawi.

Since its introduction, the bank has made a lot of tangible contributions to the country like offering jobs to citizens and providing its services countrywide.

According to a statement made available to Malawi24, the bank has so far employed 846 people, has 28 branches, 5 Bureau De Change and 79 Auto Teller Machines (ATMs).

Standard Bank marks 48 years in Malawi.

The bank has expertise in power and infrastructure, natural resources, mining and minerals and agriculture among others. The bank has since assured its customers in country that it will continue offering good services in the banking sector.

“We remain committed to moving Malawi forward as we continue to provide tailor made banking solutions and services,” reads the statement.

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 Corporation Limited (20%) and Banco Pinto Sotto Mayor (60%). The first branch of the bank was opened in Limbe on 11 March 1970.

In December 2001, Standard Bank, through its subsidiary Stanbic Africa Holdings, acquired 60.18% interest in the bank and became the majority shareholder.

The bank went through name changes from Stanbic Bank to Standard Bank Limited on 1 June, 2007 to identify with its parent bank, the Standard Bank Group of South Africa.

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