The Catholic Archdiocese of Lilongwe and Centenary Rural Development Group from Uganda have submitted a final binding offer to acquire 100 percent shareholding in MyBucks Banking Corporation Malawi.
Mybucks Marketing and Customer Experience Manager Linda Simwaka confirmed the development.
The bank announced the move in a statement issued earlier Tuesday.
“The submission of the final binding offer comes after three months of conducting due diligence on the bank. Meanwhile, the bank, the Receiver Manager for MyBucks S.A (in liquidation) and the consortium are in the process of applying for all relevant regulatory approvals to finalise the acquisition,” the statement reads.
Earlier this year, MyBucks Banking Corporation announced its quest for a new shareholder following a court bankruptcy declaration on its parent company, MyBucks S.A in December last year.
In July this year, the bank announced that it had reached an advanced stage in the search for a new shareholder.
Three months later, MyBucks identified the shareholders as the Lilongwe Catholic Archdiocese and the Centenary Rural Development Group, which also owns 100 percent of Centenary Bank of Uganda.