RBM says new MyBucks shareholders have satisfied conditions
Bank to change name to Centenary Bank Limited
The Reserve Bank of Malawi (RBM) says Centenary Rural Development Group Limited of Uganda and the Archdiocese of Lilongwe have satisfied all the conditions for the acquisition of 100 percent shareholding in MyBucks Banking Corporation Malawi.
In a joint statement issued today, MyBucks Banking Corporation Malawi board chairperson Francis Pelekamoyo, Centenary Rural Development Group Limited of Uganda chairperson John Ddumba-Ssentame and the Archdiocese of Lilongwe Archbishop Most Reverend George Desmond Tambala said the two groups have also fully recapitalised the bank as required by the Registrar of Financial Institutions.
The statement further says the registrar has also approved the change of the name of the bank to Centenary Bank Limited.
“A public notice for the change of name as required by the Companies Act will be published in due course” reads the statement.
The statement says the acquisition process will be completed as soon as bank receives approval from the Competition and Fair Trading Commission who are “now at an advanced stage in assessing the acquisition”.
Further reads the statement: “The final approval by the Registrar of Financial Institutions and the issuance of a new licence is a significant milestone in the history of the bank.”
In December 2021, the bank’s parent company MyBucks S.A. was placed on 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 RBM.
RBM has been working with MyBucks S.A. to identify a strategic investor following the bankruptcy order.
Despite the bankruptcy of its parent company, MyBucks Malawi 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 was 100 percent owned by MyBucks S.A, whose head office is in Luxembourg and listed on the Börse Frankfurt Stock Exchange.
