A statement by the National Bank of Malawi has confirmed the completion of the acquisition process for 51% stake in Tanzania’s Akiba Commercial Bank (ACB).

NBM Company Secretary Zunzo Mitole outlined that the acquisition is in line with NBM strategic plan for regional expansion, as it is beneficial for both parties. “This acquisition is expected to bring about growth in business for both NBM plc and ACB as it up-scales the business of ACB to the standards of NBM plc,” said Mitole.

ACB was established in 1997 with 300 entrepreneurs as its initial shareholders and has 18 branches. According to figures from the bank’s audit report in 2018, ACB is worth SH155 billion. The Citizen newspaper in Tanzania revealed that initially NBM was interested in acquiring 75% stake in the bank.