My Bucks Banking Corporation acquisition finally approved

The Registrar of Financial Institutions, Reserve Bank of Malawi (RBM), has finally approved the acquisition of My Bucks Banking Corporation Limited by Centenary Rural Development Group Limited of Uganda and the Catholic Archdiocese of Lilongwe.

The Registrar has also approved the change of name of the Bank to Centenary Bank Limited and has also issued the Bank with a new banking licence bearing the newly approved name.

This has been revealed through a statement released on March 10, 2023, by My Bucks Banking Corporation Limited.

The statement has been signed by its board chairman Dr. Francis Pelekamoyo, Centenary Group chairman Professor John Ddumba-Ssentamu and Archbishop of Lilongwe Archdiocese Most Reverend George Tambala.

According to the statement, the new shareholders have also fully recapitalised the bank as required by the Registrar, and they have been granted the final approval.

Reads part of the statement: “Following the fresh capital injection, the Bank is now well positioned to serve its customers better as well as expand its footprint and product offering.”

Catholic Archdiocese of Lilongwe has acquired 49 percent shareholding while Centenary Rural Development Group Limited of Uganda which is the major shareholder with 51 percent.

In July this year, Dr. Pelekamoyo disclosed that the bank was closing in on new investor after the bank’s parent company, MyBucks S.A., faced bankruptcy in December 2021.

Following the bankruptcy order, RBM has been working with MyBucks S.A. to identify a strategic investor.

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