FDH Financial Holdings Limited, a leading financial services provider in Malawi, is pleased to announce completion of the merger between Malawi Savings Bank Limited (MSB) and FDH Bank Limited following a successful integration of the two entities. This merger has been approved by both the Competition and Fair Trading Commission (CFTC) and the Registrar of Financial Institutions and is effective 1st July 2016.
The entire FDH Family formally welcomes its previous customers from MSB who have already been on the FDH core banking system since the beginning of May 2016 to-date. Please share our joy as we welcome our valued customers.
FDH brings access to more innovative products and services including advanced Core Banking Systems, a world class service regime, modern banking suites, secure and dynamic internet banking solutions, and many more customer friendly services.
FDH’s vision is to be the leading provider of first class financial solutions in Malawi and the Southern African Region. Therefore, the merger strategically supports this vision and it will propel growth and sustainable business competitiveness and improved service delivery.
The merger of the two Banks also entails the merger of MSB Bureau Limited and FDH Money Bureau Limited. The merged Bureau de Change business will be called FDH Money Bureau Limited.
As MSB services begin to operate under the FDH Bank Limited brand, the MSB product lines you are familiar with will be fully integrated with the FDH Bank new tagline called “Our Bank. Our Future. Grow With Us”. The MSB company logo and any references to MSB as a company will be replaced by FDH Bank.
All branches, ATMs, service points and agencies of the merged FDH Bank will remain open at this time; that is, all former MSB outlets shall continue to operate. We will shortly engage in a rebranding exercise involving all MSB outlets to the FDH Brand. This will take some time and customers may continue to see the MSB brand until the rebranding exercise is completed.
As a merged entity, we are strongly positioned to turn around the business till the bank is listed on the Malawi Stock Exchange in accordance with the terms of the Sale and Purchase agreement with Malawi Government. This listing will give a chance to ordinary Malawians to own shares in the new FDH Bank.
Malawi Savings Bank, formerly the Post Office Savings Bank, has had a rich heritage of keeping savings for the Malawian people since 1904 providing a banking history of 112 years to the people of Malawi. Hitherto, MSB was wholly owned by the Government of Malawi, until FDH Financial Holdings acquired a 80 percent stake in July 2015.
FDH Bank is a Malawian wholly owned commercial bank. It commenced its operations in Malawi in July 2008. The merged bank has over 500,000 active banking customer accounts. It is the number one Bank in terms of geographical spread and branch network with a total of 91 outlets countrywide and around 85 ATM’s from Nsanje to Karonga. Its core products include retail, wholesale banking and forex bureau services.
For further inquiries;
Sobhuza Ngwenya, Head - Marketing and Communications, FDH Financial Holdings Limited
+265 88 8839 900