MyBucks Malawi closes in on potential shareholder
MyBucks Banking Corporation Malawi says it has identified a potential shareholder who has since started conducting due diligence of the bank.
In December 2021, the bank’s parent company MyBucks S.A. was placed into bankruptcy, and prior to the bankruptcy order, it was in the process of disposing of its 100 percent shareholding in MyBucks Malawi to a strategic investor, with the support of the Reserve Bank of Malawi (RBM).
In a statement yesterday to update the public on the search for a new shareholder, MyBucks Malawi board chairperson Francis Pelekamoyo said: “After the due diligence, the new investor will be vetted and approved as a shareholder of MyBucks Banking Corporation by the registrar of financial institutions in line with the financial services laws.”
In an earlier statement, RBM said it was working with MyBucks S.A. to identify a strategic investor following the bankruptcy order.
RBM Governor Wilson Banda said once identified, the new investor will be vetted as a shareholder of MyBucks Malawi in line with financial services laws.
“It should be noted that MyBucks Malawi, a bank licensed and supervised by the registrar of financial institutions in Malawi, is not under receivership,” he said.
Despite the bankruptcy of its parent company, MyBucks Malawi has continued to operate normally in line with the Banking Act, with its local operations not impacted.
RBM licensed MyBucks Malawi on May 13 2014 and started its operations on July 24 2015.
The bank is 100 percent owned by MyBucks S.A, whose head office is in Luxembourg and lis isted on the Börse Frankfurt Stock Exchange.
