FMB Bank (FMB) has confirmed that it has received all regulatory approvals to proceed with its acquisition and merger of Opportunity International Bank Malawi (OIBM).
This follows an agreement reached in June this year between FMB and OIBM in which FMB acquired 100 percent ownership of the micro-lending institution and comes soon after FMB’s parent company, FMB Capital Holdings plc, completed its acquisition of Barclays Bank of Zimbabwe.
According to FMB, the actual migration of over 400 000 OIBM customer accounts to FMB’s operating system will take place from close of business on November 3, with OIBM customers having access to their new FMB accounts on November 6 this year.
In a media statement made available to Business News, FMB Capital Holdings (FMBCH) plc group managing director Dheeraj Dikshit said said with all approvals now in place, the Malawi Stock Exchange (MSE)-listed company will shortly commence the process of integrating the operations of both banks.
“Our operating systems are extremely robust, reliable and adaptable and we have taken every step to ensure that the integration process is seamless with little to no disruption to normal services for both OIBM and FMB customers,” he said.
In addition to its significantly increased customer base, the acquisition will also add another eight branches to FMB’s network while OIBM’s remaining branches will merge into FMB branches.
In his remarks, FMBCH plc director Hitesh Anadkat said the acquisition will benefit the company’s new customers by giving them access to a broad range of financial products, committed customer service and an advanced operating infrastructure.’
First Merchant Bank Limited (FMB) is a subsidiary of FMB Capital Holdings plc (FMBCH) and is registered as a commercial bank under the Banking Act 2010. FMBCH is a public limited liability company incorporated in Mauritius and is listed on the Malawi Stock Exchange (MSE). n