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Loita Investment Bank Limited (LIB) says the new branch to be launched at Kanengo in Lilongwe today is aimed at supporting the tobacco and other agro-industry which is the core export business in the country.
Loita senior manager Charles Carey said in Blantyre on Monday that LIB has the technical and professional capacity to ensure sustainability and growth in the area.
The bank, according to Carey, will offer services including cash management in both local and foreign currency and a variety of fixed deposits and notice deposit tenors that can be tailored to suit specific cash-flow requirements.
He said Loita will also offer structured pre-shipment facilities which will provide dollar based finance facilities for companies with export business or with those who have dollar based earning capacity, among other services.
LIB has become the primary export finance provider in the country with lines of credit from major regional and financial institutions in excess of US$30 million, providing exporters with low-cost seasonal working capital facilities.
Loita provides investment banking products to the corporate market as well as providing commercial banking services to selected clients who include multinationals, major local corporations, other financial institutions, aid agencies, NGOs and parastatals, according to Carey.
Loita Capital Partners International (LCPI), a Pan-African Investment banking group is the parent company of LIB.
LCPI also owns Loita Capital Partners in South Africa and Kenya, Loita Asset Management (Kenya) as well as its acquisition of 100 percent of the Commonwealth Development Corporation’s (CDC) interests in Industrial Credit Company (Zambia) and the majority shareholding of Explorer Holding Corporation Limited in South Africa.
“LIB will continue being an innovator in this market. LIB’s strategy of offering new financial products that will enable the development of a vibrant local financial market, client satisfaction and a more enabling environment for local companies to operate and potential windows in which international companies may invest,” said Carey.
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