CDH chief executive officer Misheck Essau described the 14-year journey as a success having educated the investing public in the country and giving them options for investment in a market characterised by bank deposits.
CDH operated mainly as a trader of government securities and as an originator of corporate financial instruments.
â€œOn April 1 2012, CDHIB took over all the business, assets, liabilities, contracts, etc, of Continental Discount House Limited (CDH). This means that the discount house business has been discontinued. This is [so] because CDHIB, with its full banking licence, is able to do more than what the discount house would do under its restricted banking licence.
â€œIn our business model, it will be a duplication of resources to keep the discount house licence. The business of CDHIB has a full banking licence just like any other bank in Malawi. It will, therefore, do anything permissible under a banking licence in Malawi albeit with a selected niche market,â€ he said.
The conversion of CDH to CDH IB has increased the number of workers from 23 to 64.
CDHIB will among other services, offerÂ deposit accounts, term deposit accounts which will be known as investment accounts, financing or loan products, international trade services such asÂ letters of credit, off â€“ balance sheet finance such as guarantees, financial advisory service which is a distinctive service of CDHIB and electronic banking such as mobile banking and internet banking.