A notice dated 9 December, signed by representatives of divisions of Nedbank Limited, has confirmed that MyBucks Banking Corporation will acquire 100% of Nedbank Malawi.

According to the notice, the Nedbank Group and Nedgroup Investments Africa (together, “Nedbank”) have agreed to dispose of Nedbank Malawi, as Mybucks Banking Corporation has 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”).

The notice also outlines that the disposal has been approved by the Reserve Bank of Malawi, but is still subject to the approval from the relevant competition authority. Meanwhile, Nedbank Limited has justified the 100% acquisition of its Malawi branch, noting that as of 30 June 2019, Nedbank Malawi contributed to

less than O.1%, to Nedbank Group’s headline earnings and total assets and its market share in Malawi was

approximately 1%.

In April this year, Frankfurt-listed FinTech, MyBucks acquired New Finance Bank and therefore rebranding the bank as MyBucks Banking Corporation. Within the same year, the bank has announced acquisition of Nedbank. Last week MyBucks Banking Corporation Chief Commercial Manager, Bernard Mkandawire, said the company is expecting a notable business growth.