ICB operations integrating with FMB
FMB has started integrating its operations with International Commercial Bank (ICB) to ensure a seamless service delivery across all branches and ATM’s, a press release has indicated.
In a press statement published in The Nation on Monday FMB Bank which acquired ICB this year, has said all ICB account holders are requested to take note of the changes which include changes in two ICB to FMB branches and closure of one ICB branch.
“Existing branches of ICB on Haile Selasie, Blantyre and Area 3, Lilongwe will be converted into FMB branches. All customers of these branches shall continue to avail banking services from the same premises and any other branches of FMB. “ICB branch in Limbe will be closed with effect from October 28 2013 and all customers will therefore be serviced from FMB branch in Limbe and customers can also transact at any FMB branch agency across Malawi,” reads the statement in part.
The statement notes that the new savings and current accounts will be opened at FMB for all ICB customers upon signing mandates.
In June this year FMB announced the acquisition of 100 percent shares in ICB Malawi, 70 percent of ICB Mozambique, and 62 percent of ICB Zambia all of which are licensed commercial banks in their respective countries.
However, FMB had not yet integrated its operations with ICB Malawi pending a decision by the Competition and Fair Trading Commission, the country’s regulator of mergers and acquisitions.
Recently, the CFTC issued a statement which indicated that the commission had nodded to the acquisition arguing the merger would benefit consumers and did not threaten the industry.
FMB managing director, Dheeraj Dikshit during the announcement said the acquisition will strengthen their position in the country and enable the group to expand its regional footprint, and gain entry into the fast growing economies of Zambia and Mozambique.
