NBS Bank Limited, commonly referred to as NBS Bank, is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Malawi Malawi, officially the Republic of Malawi, is a landlocked country in Southeastern Africa. It is bordered by Zambia to the west, Tanzania to the north and northeast, and Mozambique to the east, south, and southwest. Malawi spans over and ...

. It is licensed as a commercial bank, by the

Reserve Bank of Malawi The Reserve Bank of Malawi is the central bank of Malawi established in the year 1964 located in Lilongwe. The current governor is Wilson Banda. The Bank is active in promoting financial inclusion policy and is a leading member of thAlliance for ...

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator.

Location

The head office and man branch of NBS Bank are located in NBS House, at the corner of Chipembere Highway and Johnstone Road, in the city of

Blantyre Blantyre is Malawi's centre of finance and commerce, and its second largest city, with a population of 800,264 . It is sometimes referred to as the commercial and industrial capital of Malawi as opposed to the political capital, Lilongwe. It is ...

, the financial capital of Malawi. This location is often referred to as ''Ginnery Corner'', in the neighborhood known as ''Chichiri, Blantyre''. The geographical coordinates of this bank's headquarters are: 15°48'02.0"S, 35°01'20.0"E (Latitude:-15.800556; Longitude:35.022222).

Overview

NBS Bank is a midsized

retail bank Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ba ...

in Malawi. , the bank's asset base was valued at MWK:123.1 billion (US$170 million), with shareholders' equity of MWK:11.5 billion (approximately US$16 million).

History

In 1964, ''Central Africa Building Society'', ''Commonwealth Century Building Society'' and ''First Permanent Building Society'' merged to form New Building Society (NBS). The institution converted into a commercial bank in 2004, following the issuance of a banking license by the

, the national banking regulator.

Ownership

The shares of the bank are traded on the Malawi Stock Exchange, where they are listed under the symbol NBS. The shareholders in the

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

of NBS Bank included the following, as of December 2018:

Branches and departments

, the bank maintains branches at the following locations. The branches are referred to as ''Service Centres''. # Mzuzu Service Centre:

Mzuzu Mzuzu is the capital of Malawi's Northern Region and is the third largest city by population in Malawi. The city has 221,272 residents and 20,000 commuters (Mzuzu University students) with about 1.7 million people in its metropolitan area. It i ...

# Mzimba Service Centre: Mzimba # Nkhotakota Service Centre: Nkhotakota # Nkhata Bay Service Centre: Nkhata Bay # Dwangwa Service Centre: Dangwa # Rumphi Service Centre: Rumphi # Karonga Service Centre:

Karonga Karonga is a township in the Karonga District in Northern Region of Malawi. Located on the western shore of Lake Nyasa, it was established as a slaving centre sometime before 1877. As of 2018 estimates, Karonga has a population of 61,609. Th ...

# Mchinji Service Centre:

Mchinji Mchinji is a town and the capital of the Mchinji District in the Central Region, Malawi, Central Region of Malawi. Mchinji Boma, located from the Zambian border and from the national capital, Lilongwe, is the major hub of government and genera ...

# Kasungu Service Centre: Kasungu # Lilongwe Service Centre:

Lilongwe Lilongwe (, ,) is the capital and largest city of Malawi. It has a population of 989,318 as of the 2018 Census, up from a population of 674,448 in 2008. In 2020, that figure was 1,122,000. The city is located in the central region of Malawi, i ...

# Capital City Service Centre: Lilongwe # Dedza Service Centre:

Dedza Dedza is the main township of Dedza District in the Central Region, Malawi, Central Region of Malawi. Description Dedza is located about 85 km south of Malawi's capital, Lilongwe, off the M1 road to Blantyre at a point where a trans-Afric ...

# Kanengo Service Centre: Kanengo, Lilongwe # Salima Service Centre: Salima # Liwonde Service Centre: Liwonde # Blantyre Service Centre:

# Ginnery Corner Service Centre: Chichiri, Blantyre Main Branch # Limbe Service Centre: Limbe # Zomba Service Centre: Zomba # Mangochi Service Centre:

Mangochi Mangochi is a township in the Southern Region, Malawi, Southern Region of Malawi. Located near the southern end of Lake Malawi, in History of Malawi, colonial times it used to be called Fort Johnston. As of 2018, it has a population of 53,498. ...

# Mulanje Service Centre:

Mulanje Mulanje, formerly called Mlanje, is a town in the Southern Region, Malawi, Southern Region of Malawi, close to the border with Mozambique, to the east. It is near the Mulanje Massif. History A mission was established here and it was at first on ...

# Chichiri Mall Service Centre: Chichiri Mall, Chichiri, Blantyre # Nchalo Service Centre: Nchalo, Blantyre # Ntcheu Service Centre: Ntecheu # Balaka Service Centre: Balaka.

Governance

Vizenge Kumwenda serves as the

chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...

of the eleven-person

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

. The

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

is Kwanele Ngwenya, who is assisted by fifteen other senior managers in the day-to-day running of the company.

Recapitalization

During 2015, NBS Bank fell below the minimum capital requirements for commercial banks in Malawi, under the Basel II financial guidelines. NBS Bank applied to the

to be given time to implement a

rights issue A rights issue or rights offer is a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders. When the rights are for equity securities, such as shares, in a public company, it can ...

and restore compliance. That permission was granted, with a deadline of 30 June 2017. The capital call to existing shareholders was opened from 19 May 2017 and closed on 23 June 2017. A total of MWK:11.6 billion (approximately US$16.25 million) in new capital was raised. Other changes at the bank, in the same time frame, included retrenchment of some of the employees.

References

External links

Website of NBS Bank

Website of Reserve Bank of Malawi

Website of Malawi Stock Exchange
{{Authority control Banks of Malawi Banks established in 1964 1964 establishments in Malawi Companies listed on Malawi Stock Exchange