NEW KID IN BANK STREET... FDH BANK

Licensed on 27 November 2007, the bank is a practical response to a growing demand for commercial banking products by clients and will offer full financial services, which include Retail Banking, Corporate Banking, International Banking, Structured Trade Finance, Treasury Management and Corporate Advisory Services.

The bank’s management is confident that the bank will not only meet client expectations but will also make an invaluable contribution to both the financial sector and the economy as a whole given the in-depth knowledge of the local markets by brains behind it.

And one need not worry about the financial stability of the new bank because the shareholders have dug deep to ensure that the bank fulfils its objectives and meet its targets without any financial back-up from FDH Financial Holdings.

The Bank’s Head office is on the First floor, Umoyo House. No. 8 Victoria Avenue North, Blantyre.

The introduction of the bank coincided with a restructuring exercise which saw the renaming of First Discount House as FDH Financial Holdings in November 2007. The development also means that the holding company now wholly owns three subsidiaries, the others being First Discount House Limited which opened its operational doors in April 2002 and FDH Stockbrokers Limited whose operations started in January 2007.

The shareholders for FDH Financial Holdings are Kingdom Financial Holdings Limited (Zimbabwe) with a stake of 40.16 percent, T.F Mpinganjira Trust which owns 39.84 of the group and Old Mutual Life Assurance Company (Malawi) Limited with the remaining 20 percent.

Kingdom Financial Holdings (KFHL) is a Zimbabwean based holding company wholly owned by Kingdom Meikles Africa Group which comprises the businesses previously known as Meikles Africa Limited, Tanganda Tea Company Limited and Cotton Printers. Kingdom Meikels Africa Group is currently registered on the London Stock Exchange and Zimbabwe Stock Exchange.

The financial services companies under KFHL are dedicated to serving clients in the areas of money, capital, equity and foreign exchange markets, commercial and investment banking, portfolio management, economic research and advisory services

The T F Mpinganjira Trust is a private trust with interests in real property holdings in addition to equity in FDH Financial Holdings, money market investments and on the Malawi Stock Exchange. Mr Thomson Frank Mpinganjira is the founder of the FDH Group.

Old Mutual Plc, together with its subsidiaries Nedcor, Mutual & Federal and Skandia is an international financial services group, whose activities are focussed on asset gathering and asset management.

Its operations in Africa are only part of a global presence. While the bulk of its business is in South Africa in the rest of Africa the group has operations in Malawi, Zimbabwe, Namibia, Kenya, Botswana, Swaziland and Mauritius. The group’s operations outside Africa cover UK, Bermuda, Hong Kong, Ireland the United States and Sweden.

Old Mutual is listed on the London, Stockholm, Johannesburg, Malawi, Zimbabwe and Namibian stock and the group’s businesses comprise life assurance (including retirement savings), asset management (including unit trusts, portfolio management and stock broking), banking and general insurance.

Old Mutual Life Assurance Company (Malawi) Limited is a local company fully owned by Old Mutual Malawi Limited and whose ultimate shareholder is Old Mutual Plc.

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