Catholic Church in Malawi to buy MyBucks Bank


The Catholic Archdiocese of Lilongwe has joined forces with Ugandan company Centenary Rural Development Group Limited to acquire 100% of shareholding in Mybucks Banking Corporation Malawi.

This is according to a press release issued today and signed by Mybucks chairperson Francis Pelekamoyo, Bishop George Tambala of Lilongwe Archdiocese and Centenary Group chairperson John Ddumba Ssentamu.

The submission of the final binding offer comes after three months of conducting due diligence on the bank.

“Currently the bank, the receiver Manager for MyBucks S.A and the consortium are in the process of applying for all relevant regulatory approvals to finalize the acquisition that was made by the two potential investors,” reads part of the statement.

In April this year, it was confirmed that MyBucks S.A, the parent company was placed into bankruptcy in December 2021 and is under the management of a Receiver.

Prior to the bankruptcy order, MyBucks S.A. was already in the process of disposing of its 100% shareholding in MyBucks Malawi to the strategic investor, with the support of the Reserve Bank of Malawi.

 

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