National Bank of Malawi (NBM) has become the second local bank to have its stake outside the country after acquiring a portion of a Tanzanian Bank through share subscription.
According to a cautionary statement from the bank signed by its secretary Zunzo Mitole, NBM has acquired 51 percent controlling stake in Akiba Commercial Bank plc.
The bank has acquired the stake for a consideration of $7.31 million (K5.614 billion under the current foreign exchange rate).
NBM further says they are negotiating for an additional stake and that shareholders should exercise caution when dealing in their shares in the bank.
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