First Capital Bank

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About Company

First Capital Bank refers to a group of regional commercial banks primarily operating in Southern Africa under the umbrella of FMBCapital Holdings Plc. Here’s a detailed overview:

🌍 Overview: First Capital Bank Group

  • Parent company: FMBCapital Holdings Plc, based in Mauritius and listed on the Malawi Stock Exchange under FMBCH. It serves markets in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.

  • Origins: Founded in Malawi in 1995 as First Merchant Bank by Hitesh Anadkat; it was the country’s first private bank and went public in 2009. The group restructured into FMBCapital Holdings in 2017.

Key Country Operations

Malawi

  • Operates as First Capital Bank Malawi Plc, headquartered in Blantyre.

  • As of end‑2023, assets ≈ 484 billion MWK (≈ US $280 million), with profit after tax of MWK 29.9 billion (~US $17.4 million).

Botswana

  • First Capital Bank Botswana Limited launched in 2008 (originally Capital Bank) and later acquired Bank of India Botswana (2019).

  • By end‑2018, assets ≈ BWP 2.88 billion (~US $241 million), equity BWP 196 million (~US $16.5 million).

Zambia

  • Evolved from International Commercial Bank Zambia (founded June 2010), acquired and rebranded in 2013.

  • Received a US $10 million SME loan from Dutch development finance (FMO) in late 2019.

Zimbabwe

  • Formerly Barclays Bank of Zimbabwe (founded in 1912); acquired by FMBCapital in 2017 and rebranded to First Capital Bank Zimbabwe in October 2018.

  • As of Dec 2018, assets ~US $699 million, equity ~US $116 million; network of ~26 branches.

Leadership & Corporate Structure

  • Founder: Hitesh Anadkat, based in Malawi. He remains a key shareholder and non‑executive director.

  • FMBCapital Holdings: Led by Chairman Terence Davidson and Managing Director Jaco Viljoen (as of 2024).

  • Employs over 1,700 staff across all markets, with total group assets valued at ~US $2.07 billion as of December 2024.

Products & Services

Each regional bank provides a full range of services:

  • Retail banking: savings, current accounts, debit/credit cards

  • SME and corporate banking: loans, trade financing, deposit accounts

  • Digital channels: internet and mobile banking platforms.

Summary

  • Former model: start in Malawi → expand regionally → consolidate under FMBCapital Holdings.

  • Presence: five Southern African markets with local HQs and branch networks.

  • Strengths: diversified regional strategy, solid asset base, SME focus (e.g., Zambia loan), and legacy (e.g., Zimbabwe).

  • Leadership continuity with founder Anadkat and regional executives.