11 October 2008
FDH Bank Limited, Malawi's 10th commercial bank has deferred its much-hyped opening to the public to December as contractors are reportedly still putting finishing touches to the inaugural branch, CEO Thom Mpinganjira said last week.
The bank is wholly owned by FDH Financial Holdings and will join First Discount House Limited and FDH Stockbrokers in the group.
Kingdom Financial Holdings Limited (KFHL) is the single largest shareholder in the group with 40.16%. Other shareholders are Thomson Frank Mpinganjira Trust (39.84%) and Old Mutual (20%).
Mpinganjira told Standardbusiness last week that depending on the contractors' promise, "the first branch would be opened in mid December".
The bank opened in July with one branch servicing corporates and small to medium enterprise financing while preparing for its opening to the public in October.
Mpinganjira said depending on the work of contractors, the bank would first open with a branch in Blantyre with two other branches to be opened in Lilongwe and Limbe.
Asked whether the bank's roll out would need the expertise from KFHL, Mpinganjira said there are no plans to recruit additional personnel from KFHL. In July the bank recruited Clement Kahiya as chief operating officer. A former KFHL Audit Executive, Kahiya has a two and half year Temporary Employment Permit.
Mpinganjira said the group had shelved indefinitely plans to list on the Malawi Stock Exchange. Initially the group had said it will list this year.
"Our priority is to set up and properly establish the bank. We see this (listing) as an unnecessary distraction of our focus at this point," he said.
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