FMB eyeing forex market - 24/July/08

First Merchant Bank (FMB) will later this year open another subsidiary to be trading under FMB Forex Bureau Limited, the bank announced.

Executive Director Sean O'Neill said this during a press briefing in Blantyre but said the roll out depends on the decision by Reserve Bank of Malawi (RBM).

"The FMB Forex Bureau Limited would be run separately from the bank's operations but we will be introducing it as an additional service to the public, the real intention is not to exploit the forex market," said O'Neill.

He added that FMB is currently renovating its Blantyre Branch to house the new subsidiary whose branches would also be operational in bank outlets run by the bank.

"The good thing about our bureau is that it would also be serving even those who are not customers of the bank which will be very convenient," said O'Neill.

According to the bank's half year results, forex business attracted K430 million during the review period from January to June this year.

ONeill said the bank is also going to implement a software upgrade to facilitate the opening of branches in Kasungu, Mponela, Mangochi, Dedza, Liwonde, Mchinji, Mzimba and Rumphi during the last half of 2008.

FMB invested K400 million to establish another subsidiary, Capital Bank Limited, in Gaborone Botswana. The group also comprises of Finance and Leasing Company.

The briefing was graced by executives from Stockbrokers Malawi Limited, Trust Securities, Alliance Capital Limited and representatives from media houses.

By Henry Mchazime, The Daily Times Newspaper

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