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| Business |
| Finance Bank promises improved service |
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by
Peter Makossah, 07 October 2003
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18:13:00
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Finance Bank of Malawi Monday officially opened doors of its fourth branch in the country in Mzuzu at a colourful ceremony amid assurances of serving its clientele in the Northern Region with a difference by providing qualitative and competitive banking services.
Officially opening the bank at Mpico House, Reserve Bank of Malawi governor Elias Ngalande said the opening of a new bank in Mzuzu is a clear manifestation of the growth of the banking industry and the Finance Bank’s commitment to the delivery of banking services nationwide.
“The opening of this new branch is a clear manifestation of Finance Bank’s commitment to the delivery of banking services in the country. Financial intermediation, as we all are aware, is the process of mobilising resources from surplus areas to deficit areas, thereby making sure that such resources are available to the business units and individuals that require financing,” said Ngalande.
The Reserve Bank of Malawi Governor said the expansion of Finance Bank’s branch network to the three regions, and to the city of Mzuzu in particular, in a short time span is a commendable and worth emulating by other financial institutions that have yet to do so.
Ngalande explained that the major responsibility of the central bank is to ensure the existence of efficient and sufficient banking services.
He said the central bank’s responsibility is achieved by ensuring that there is a healthy competition in the financial sector, which brings about efficiency and innovation in the delivery of financial services and instruments.
He said: “The opening of this branch, therefore, definitely means a great contribution to the improvement of financial services delivery. Reserve Bank also seeks the existence of sound and viable financial institutions in particular and the financial sector in general.”
Ngalande then asked commercial banks in the country to comply with the requirements of the Reserve Bank because, he said, such compliance is essential for their (banks) success and for the safety of their depositors’ money.
In his remarks, chairman of the Finance Bank Rajan Mahtani said the opening of the Mzuzu branch is due to the bank’s desire to expand a retail network and a completion of penetration in the three major cities in the country.
Said Mahtani: “Another goal has been scored today. Indeed, our dream for Mzuzu has come true, our dream has crystallised, our dream has turned into reality.”
The chairman said he appreciates the support that Finance bank receives from customers, the central bank and government. Against such a background, he said, Finance Bank will ensure a quality banking service delivery that will beat the rest of banking services provided by other entities.
“From the humble beginning in 1995, the Finance Bank has grown steadily. Our asset base has grown from K300 million in 1997 to almost K3 billion as at the end of June this year. We do not take this for granted. We owe it all to your continued support and unwavering cooperation and for this we remain indebted to our customers, the Reserve Bank and the government,” said Mahtani.
Finance Bank first opened its doors in the country in December 1995 in Blantyre and in 1996 a branch was opened in Limbe before opening another in Lilongwe in 1998.
He narrated that Mzuzu and the surrounding towns need to grow and that it is the responsibility of the private sector to identify viable projects, saying that Finance Bank is ready to provide the finance for such projects.
“We believe that our prosperity is your prosperity. This is a partnership we are here to build. The window of opportunity has been opened for the people of Mzuzu. Together we will achieve what we have all aspired,” said Mahtani.
The opening of the bank attracted all the branch bank managers from National Bank of Malawi, Stanbic Bank, First Merchant Bank and New Building Society General manager John Bizwick. |
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