As the banking sector in Malawi gradually continues to grow, the country has witnessed the birth of a new bank, the International Commercial Bank (ICB).
An eleventh bank in the country, ICB which commenced business five months ago with its first branch in Limbe, on Monday opened another branch in the commercial capital Blantyre, where its head-office will be based at Stansfield House along the Haile Selassie Road.
According to CEO of the bank Jayamachandra Gopalan, ICB which has Asian origins focuses on promoting small and medium enterprises in the country and Malawians should expect wonderful banking services from the institution.
Speaking in an interview with Best of Malawi, Gopalan further observed that most Malawian small and medium entrepreneurs have problems in money management.
“Apart from bringing in easy banking services in the country, ICB would also like to ensure that we instill and promote good money management among Malawians,” he said.
Added Gopalan: “We have experience in small and medium enterprise management and as a bank, we believe we are in a better position to improve such businesses across Malawi.”
ICB assistant general manager Hannock Ng’oma said, “We have huge expectations and we are here to promote easy banking services in Malawi, where many people look at banks as very sophisticated places.
“ICB wants to get rid of that mentality. Let people come at ICB and experience how simple banking can be,” added Ng’oma, who further disclosed that the bank has so far invested US$3 million in its operations in the country.
Besides the two banking offices in Malawi, ICB, which operates in 13 African, Asian and European countries, plans to open other branches in Lilongwe and Zomba, the country’s current and old capitals, respectively.
Other African countries where ICB operates include Tanzania, Mozambique, Djibouti, Zambia, Gambia, Sierra Leone, Senegal and Ghana. In Asia, the bank operates in three Asian countries namely Indonesia, Lao PDR as well as Malaysia and in Europe, the bank is available in Albania and Switzerland.
