Reserve Bank of Malawi (RBM) Governor Dalitso Kabambe has commended Standard Bank Group for instilling trust in the Malawi economy, even in times when the economy is sailing in turbulence.
Kabambe said this on Tuesday evening when he presided over the bank’s 50th anniversary in Lilongwe.
Standard Bank has been operating in Malawi since April 11 1969, making it the country’s first and oldest commercial bank.
Said Kabambe: “I wish to sincerely thank Standard Bank Group for trusting the Malawi economy and for being in Malawi all these years. You could have chosen at some point to close shop and move elsewhere but you did not.”
The RBM boss said despite the Malawi economy undergoing several challenges economically and politically over the past five decades, the bank still chose to list its business on the Malawi Stock Exchange (MSE) to enable Malawians to be co-owners of the bank through shares offloaded on the stock market.
Politically, Kabambe said Standard Bank has seen Malawi transitioning from one-party State to a multiparty society while on the economic front the bank has seen the country navigate from a closed State-controlled economy to an open and liberalised economy.
He said RBM is also pleased to note that the board of director for Standard Bank Malawi is made up of Malawians and that there are more Malawians working in the bank at all levels of governance structure.
In his remarks, Standard Bank Malawi chief executive officer William le Roux said in the 50 years of its existence, the bank has availed a range of products and services, ranging from personal and business banking to corporate and investment banking.
“We anticipate another exciting 50 years, economic and environmental challenges notwithstanding, we are very excited about our future prospects as we continue to work with our clients to provide relevant and top-quality financial solutions aimed at enabling real growth for individuals and businesses,” he said.
