The Registrar of Financial Institutions, who is also Reserve Bank of Malawi Governor, Wilson Banda has approved the acquisition of MyBucks Banking Corporation by Centenary Group of Uganda and the Catholic Church Archdiocese of Lilongwe.
This is according to a statement from MyBucks as signed by MyBucks Banking Corporation Board Chairperson Francis Pelekamoyo, Centenary Group Chairperson John Ssentamu and Archbishop of Lilongwe Archdiocese George Desmond Tambala.
The statement adds that the approval was granted for the new shareholders on December 23 2022.
The approval means Centenary Group will hold 51 percent of the bank’s stakes while the Archdiocese of Lilongwe will hold 49 percent of shares.
“With the approval, Centenary Group becomes the bank’s new majority shareholder and the Bank becomes Centenary Group’s fourth subsidiary,” the statement reads.
Centenary Group is a limited liability company and a Group Holding Company of Centenary Bank of Uganda, which is said to have posted a profit-after-tax of K49 billion last year.
The Archdiocese of Lilongwe owns institutions in the education and medical sectors, on top of commercial properties, with its current total assets valued at K30 billion.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.