FMB Bank has confirmed that it has received all regulatory approvals to proceed with its acquisition and merger of Opportunity Bank of Malawi (OBM). This follows an agreement reached in June between FMB and OBM in which FMB acquired 100 percent ownership of the micro-lending institution.<\/p>\n
According to a statement from the bank, this comes after FMB\u2019s parent company, FMB Capital Holdings (FMBCH) plc, completed its acquisition of Barclays Bank of Zimbabwe.<\/p>\n
This means over 400,000 OBM customers will soon be integrated into FMB as OBM ceases operations.<\/p>\n
\u201cWith all approvals now in place, we will shortly commence the process of integrating the operations of both banks FMB Group Managing Director, Dheeraj Dikshit, said.<\/p>\n
\u201cOur operating systems are extremely robust, reliable and adaptable and we have taken every step to ensure that the integration process is seamless with little to no disruption to normal services for both OBM and FMB customers.\u201d<\/p>\n
In addition to boosting its customer base, the acquisition will also add another eight branches to FMB\u2019s network.<\/p>\n
FMB Director, Hitesh Anadkat, said this is an exciting development for the bank.<\/p>\n
\u201cWe welcome our new customers to FMB. We look forward to continuing the work done by OBM in promoting financial inclusion. At the same time, we believe that this acquisition will benefit our new customers by giving them access to a broad range of financial products, committed customer service and an advanced operating infrastructure,\u201d Anadkat said.<\/p>\n
He said that FMBCH\u2019s recent acquisitions, both here in Malawi and in Zimbabwe, are directly in line with the company\u2019s regional expansion strategy and that the bank\u2019s stakeholders stand to benefit.<\/p>\n
The Bank said that the actual migration of OBM customer accounts to FMB\u2019s operating system will take place from November 3 and that OBM customers will have access to their new FMB accounts by November 6.<\/p>\n
FMB is registered as a commercial bank under the Banking Act 2010. FMBCH is a public limited liability company incorporated in Mauritius and is listed on the Malawi Stock Exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"
FMB Bank has confirmed that it has received all regulatory approvals to proceed with its acquisition and merger of Opportunity Bank of Malawi (OBM). This follows an agreement reached in June between FMB and OBM in which FMB acquired 100 percent ownership of the micro-lending institution. According to a statement from the bank, this comes […]<\/p>\n","protected":false},"author":3,"featured_media":55377,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-55375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/55375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=55375"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/55375\/revisions"}],"predecessor-version":[{"id":55378,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/55375\/revisions\/55378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/55377"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=55375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=55375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=55375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}