BUSINESS

Uganda’s Centenary Bank acquires stake in Malawi bank

by MyBucks Board of Directors, Centenary Bank and Archdiocese of Lilongwe, the takeover was completed following due diligence and submission of a final binding offer.

MyBucks Board of Directors, Centenary Bank, and Archdiocese of Lilongwe said the takeover was completed following due diligence and submission of a final binding offer (PHOTO/Courtesy)

Catholic church-owned Centenary Rural Development Group and the Catholic Archdiocese of Lilongwe have acquired 100% shareholding in MyBucks Banking Corporation, Malawi

According to a joint statement issued on Tuesday, 18 October 2022, by MyBucks Board of Directors, Centenary Bank, and Archdiocese of Lilongwe, the takeover was completed following due diligence and submission of a final binding offer.

“MyBucks Board of Directors would like to inform its valued customers and the public that the potential investor (a consortium of two institutions namely Centenary Rural Development Group Limited from Uganda and the Catholic Archdiocese of Lilongwe) has submitted a final binding offer to acquire 100% shareholding in the bank,” the statement reads in part.

“The submission of the final binding offer comes after three months of conducting due diligence on the bank,” it adds.

MyBucks said its Receiver Manager S.A. (in liquidation) and the consortium are in the process of applying for all relevant regulatory approvals to finalize the acquisition.

“The Board and the Consortium would like to thank the bank’s valued customers, the public, and the registrar of Financial institutions for continued support to the bank,” the bank added.

The statement was signed by Dr. Francis Z. Pelekamoyo Board Chairman, MyBucks Banking Corporation, Malawi; Prof. John Ddumba-Ssentamu, the Centenary Group Chairman and Most Rev. George Desmond Tambala, the Archbishop-Catholic Archdiocese of Lilongwe.

In April this year, it was confirmed that MyBucks S.A, the parent company was placed into bankruptcy in December 2021 and is under the management of a Receiver.

Prior to the bankruptcy order, MyBucks S.A. was already in the process of disposing of its 100% shareholding in MyBucks Malawi to the strategic investor, with the support of the Reserve Bank of Malawi.

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