Mybucks Chief Executive Officer, Zandile Shaba, announced the completion of the 100% stakes in Nedbank Malawi, a merger that has brought a total of 150000 customers, from 110,000 customers prior to the acquisition.
Speaking in Lilongwe, Shaba said that since Mybucks was focusing on SME banking while Nedbank was focusing on corporate banking, the merger gives Mybucks bank a unique platform to serve both SME and corporate customers. “For customers of both banks, what it means is easier access to services. We now have more branches for both customers. They will now be able to access more ATMs that are available throughout the country. We now present a one stop shop for both corporate and SME customers.” said the CEO.
Last year, a notice dated 9 December, signed by representatives of divisions of Nedbank Limited, confirmed that MyBucks Banking Corporation will acquire 100% of Nedbank Malawi.
According to the notice, the Nedbank Group and Nedgroup Investments Africa (together, “Nedbank”) agreed to dispose of Nedbank Malawi, as Mybucks Banking Corporation agreed to acquire, in one composite, indivisible transaction. The notice partly reads, “100% of the issued shores of Nedbank Malawi and the cession and delegation of a term loan from Nedbank Limited to Nedbank Malawi (the “Disposal”).
Moving forward, Shaba announced that the bank is moving data from Nedbank to the Mybucks system over the next couple of days, while regretting that the development may affect ATM services. “We do expect that there will be some level of interruption of the ATM services in the next two days and also availability of banking services which may be slow because we could be either doing it manually for the meantime as the IT systems are being used for the data transfers.” she said.