Standard Bank of Malawi has set 26 May, 2017 as the day that it will hold its Annual General Meeting (AGM) at Bingu International Conventional Centre (BICC) in Malawi’s capital city, Lilongwe.
In a statement signed by Etness Chadza who is the company secretary, the bank will on the day receive financial statements for the just ended year.
“The bank will receive the audited financial statements for the year ended 31st December 2016 together with the reports of the Directors and Auditors thereon,” reads the statement.
On dividends, the bank will declare a final dividend of MK21.31 per share or MK5 billion as recommended by its directors.
“The share register will be closed from 9th June to 12th June 2017 both dates inclusive and no transfers will be registered during the time,” reads part of the statement.
During the AGM the bank will also appoint Mr David pinto, Mr Shadreck Joseph Ulemu and re-elect Mr Jayesh Patel and Mrs Catherine Mtonda as directors of the bank.
According to the statement, during the AGM the bank will fix the fees and sitting allowances of the Chairman and other Non-Executive Directors.
“The bank will also authorize directors to determine the remuneration of the executive directors and to re-appoint KPMG, certified Public Accountants as auditors for the ensuing year,” adds the statement.
Standard Bank which was formerly known as Commercial Bank this year clocked 48 years while serving people of the country in the banking sector.
The bank has so far employed 846 people, has 28 branches, 5 Bureau De Change and 79 Auto Teller Machines (ATMs).
It registered as a commercial bank on 15 march 1969. Initially it began with K2.5 million and the founder shareholders were the Malawi Development Cooperation (20%), Press Cooperation Limited (20%) and Banco Pinto Sotto Mayor (60%).