NBS Bank

NBS Bank Limited, commonly referred to as NBS Bank, is a commercial bank in Malawi. It is licensed as a commercial bank, by the Reserve Bank of Malawi, central bank and national banking regulator.[2]

NBS Bank
TypePublic: MSE: NBS
IndustryBanking
HeadquartersBlantyre, Malawi
Key people
Vizenge Kumwenda
Chairman
Kwanele Ngwenya
CEO
ProductsLoans, Savings, Checking, Investments, Debit cards, Credit cards, Mortgages
RevenueIncrease Aftertax: MWK:1.7 billion (US$2.35 million) (2018)[1]
Total assetsMWK:123.1 billion (US$170 million) (2018)[1]
Number of employees
342 (2018)
WebsiteHomepage

Location

The head office and man branch of NBS Bank are located in NBS House, at the corner of Chipembere Highway and Johnstone Road, in the city of Blantyre, the financial capital of Malawi. This location is often referred to as Ginnery Corner, in the neighborhood known as Chichiri, Blantyre.[3] The geographical coordinates of this bank's headquarters are: 15°48'02.0"S, 35°01'20.0"E (Latitude:-15.800556; Longitude:35.022222).[4]

Overview

NBS Bank is a midsized retail bank in Malawi. As of December 2018, the bank's asset base was valued at MWK:123.1 billion (US$170 million), with shareholders' equity of MWK:11.5 billion (approximately US$16 million).[1]

History

In 1964, Central Africa Building Society, Commonwealth Century Building Society and First Permanent Building Society merged to form New Building Society (NBS). The institution converted into a commercial bank in 2004, following the issuance of a banking license by the Reserve Bank of Malawi, the national banking regulator.[5]

Ownership

The shares of the bank are traded on the Malawi Stock Exchange, where they are listed under the symbol NBS. The shareholders in the stock of NBS Bank included the following, as of December 2018:[1]

Shareholding in NBS Bank
RankShareholderPercentage Ownership
1NICO Holdings Plc50.10
2Public Service Pension Trust Fund – CAM12.06
3Public Shareholding35.74
4National Investment Trust Limited2.00
4NBS Bank Employee Share Ownership Scheme0.10
Total100.0

Branches and departments

As of April 2020, the bank maintains branches at the following locations. The branches are referred to as Service Centres.[6]

  1. Mzuzu Service Centre: Mzuzu
  2. Mzimba Service Centre: Mzimba
  3. Nkhotakota Service Centre: Nkhotakota
  4. Nkhata Bay Service Centre: Nkhata Bay
  5. Dwangwa Service Centre: Dangwa
  6. Rumphi Service Centre: Rumphi
  7. Karonga Service Centre: Karonga
  8. Mchinji Service Centre: Mchinji
  9. Kasungu Service Centre: Kasungu
  10. Lilongwe Service Centre: Lilongwe
  11. Capital City Service Centre: Lilongwe
  12. Dedza Service Centre: Dedza
  13. Kanengo Service Centre: Kanengo, Lilongwe
  14. Salima Service Centre: Salima
  15. Liwonde Service Centre: Liwonde
  16. Blantyre Service Centre: Blantyre
  17. Ginnery Corner Service Centre: Chichiri, Blantyre Main Branch
  18. Limbe Service Centre: Limbe
  19. Zomba Service Centre: Zomba
  20. Mangochi Service Centre: Mangochi
  21. Mulanje Service Centre: Mulanje
  22. Chichiri Mall Service Centre: Chichiri Mall, Chichiri, Blantyre
  23. Nchalo Service Centre: Nchalo, Blantyre
  24. Ntcheu Service Centre: Ntecheu
  25. Balaka Service Centre: Balaka.

Governance

Vizenge Kumwenda serves as the chairman of the eleven-person board of directors.[7] The chief executive officer is Kwanele Ngwenya, who is assisted by fifteen other senior managers in the day-to-day running of the company.[8]

Recapitalization

During 2015, NBS Bank fell below the minimum capital requirements for commercial banks in Malawi, under the Basel II financial guidelines. NBS Bank applied to the Reserve Bank of Malawi to be given time to implement a rights issue and restore compliance. That permission was granted, with a deadline of 30 June 2017. The capital call to existing shareholders was opened from 19 May 2017 and closed on 23 June 2017.[9] A total of MWK:11.6 billion (approximately US$16.25 million) in new capital was raised.[10] Other changes at the bank, in the same time frame, included retrenchment of some of the employees.[11]

See also

References
  1. NBS Bank. "Annual Report and Financial Statements for the Twelve Months Ending 31 December 2018". Blantyre: NBS Bank Limited. Retrieved 2 March 2020.
  2. Reserve Bank of Malawi (24 April 2018). "List of Banks & Other Financial Institutions Supervised by the Reserve Bank of Malawi". Lilongwe: Reserve Bank of Malawi. Retrieved 24 April 2018.
  3. NBS Bank (24 April 2018). "NBS Bank Malawi Limited: Contact Us". Blanyre: NBS Bank Limited. Retrieved 24 April 2018.
  4. Google (24 April 2018). "Location of the headquarters of NBS Bank Limited" (Map). Google Maps. Google. Retrieved 24 April 2018.
  5. History of NBS Bank
  6. NBS Bank (24 April 2018). "NBS Bank Limited: List of Networked Service Centres". Blantyre: NBS Bank Limited. Retrieved 24 April 2018.
  7. NBS Bank (24 April 2018). "The Board of Directors of NBS Bank". Blantyre: NBS Bank Limited. Retrieved 24 April 2018.
  8. NBS Bank (24 April 2018). "The Senior Management Team of NBS Bank". Blantyre: NBS Bank Limited. Retrieved 24 April 2018.
  9. Chinamulungu, Orama (16 May 2017). "NBS Bank Moves on Rights Issue". The Nation (Malawi). Blantyre. Retrieved 24 April 2018.
  10. Times Reporter (1 January 2018). "NBS Bank sees bright future". The Daily Times (Malawi). Blantyre. Retrieved 25 April 2018.
  11. Caroline Kandieroon (25 May 2017). "NBS Bank staff 'future' uncertain". The Daily Times (Malawi). Blantyre. Retrieved 24 April 2018.
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