One of the country’s high street banks, First Capital Bank (FCB), today marks 30 years of operations, having grown from a single branch in Blantyre to a regional financial group operating across six countries with over 100 branches.
The bank, which opened its doors on June 26, 1995, now boasts a turnover exceeding $300 million and is listed on the Malawi Stock Exchange.
FCB Malawi Chief Executive Officer Agness Jazza said the bank takes pride in its regional success story, which began with humble beginnings in Malawi.
“As a bank with deep roots in Malawi, we take pride in our success both here in Malawi and regionally. It is truly remarkable to think that this entire journey of growth and regional success began with just one humble branch in Blantyre.
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“We want to keep growing with our customers, support their businesses and strengthen the relationships we have built. We welcome new customers and will continue to be a trusted banking partner in the region,” Jazza said.
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The bank’s establishment was prompted by then Reserve Bank Governor Francis Perekamoyo’s call for increased competition in Malawi’s financial sector, which had only two major banks in 1994.
Originally named First Merchant Bank (FMB), the institution opened its first branch at Delamere House in Blantyre. Within 15 months of operation, the bank recorded a profit of K5.5 million, with deposits exceeding K226 million.
The bank’s expansion accelerated in 2001 with the acquisition of Leasing & Finance Company of Malawi, followed by its listing on the Malawi Stock Exchange in 2006.
Regional expansion started in 2008 with the establishment of Capital Bank in Botswana. The bank’s footprint grew significantly in 2013 through the acquisition of International Commercial Bank’s operations in Malawi, Mozambique and Zambia.
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A major milestone came in 2017 when FCB acquired Barclays Bank of Zimbabwe alongside Opportunity Bank International in Malawi, further strengthening its regional presence.
The group consolidated its operations under the First Capital Bank brand to streamline services and enhance cross-border collaboration.
In 2018, the bank established First Capital Shared Services in Mauritius to provide centralised support for technology, treasury, trade and compliance functions.
Group Managing Director Jaco Viljoen said four of the bank’s five operating countries each contribute over 20 percent to the group’s overall performance.
“We have successfully spread risk and built robust cross-border services, making banking simpler and more accessible for our customers across the region,” Viljoen said.
The bank currently operates in Malawi, Botswana, Mozambique, Zambia, Zimbabwe and Mauritius.
