One of the banks in the country, First Merchant Bank is rebranding to First Capital Bank.
According to a press statement released by the bank the name change forms part of the launch of a new and cohesive brand identity for FMB capital Holdings PLC’s banking operations in Malawi, Botswana, Zimbabwe and Zambia, with the Mozambique operations set to be rebranded early next year.
“Over the past two decades, First Merchant Bank is proud to have become a key financial player in the Malawian economy and the lives of our clients. We are privileged to have grown with the country and look forward to the next phase of our journey as First Capital Bank,” says Hitesh Anadkat, Founder and Chairman of First Capital Bank through the press statement.
First Capital Bank was founded in 1995 in Malawi, where it was known as First Merchant Bank. Since then the bank has progressively grown to become a nimble regional banking group offering a comprehensive range of business and personal banking products. The Group currently employs over 1 800 staff who service a client base of nearly 840 000.
“Over the past two decades we have seen Southern Africa begin to realise its enormous potential with businesses pursuing growth both domestically and regionally. This has meant that we also have to continuously improve and expand our service and product offering to continue to partner with them effectively” says Anadkat.
Dheeraj Dikshit, Group Managing Director of FMB capital Holdings PLC says the bank’s regional network is ideally suited to partner with clients as they expand their business into new markets.
“Our group comprises of a unified team offering integrated services across five markets. Now the single First Capital Bank name and brand will reflect this. Our regional reach not only means that clients can avail banking services and solutions across markets seamlessly, but also that their relationship with the bank extends into new markets.”
Last year the group acquired a majority shareholding in the holding company of Barclays Bank of Zimbabwe and as per the transition arrangement, the bank will migrate from the Barclays PLC brand to a co-brand for two years. The Zimbabwe operation will be rebranded as “First Capital Bank in association with Barclays”.
Fernando Rodrigues, CEO of First Capital Bank in Malawi says the rebrand of its operations will give the bank’s business a further advantage as it continues to expand its customer base.
“Our team in Malawi has made a commitment to ensure that even as we expand our regional offering, we retain our focus on relationships when we work alongside our clients and communities to help them to achieve their extraordinary,” says Rodrigues.
Rodrigues says the spirit of First Capital Bank is also reflected in its new motto: Belief comes first.
“Belief came first for us when the bank was founded 23 years back. It was also the belief that propelled us forward to expand to other countries in the region – belief in our values, business model and importantly belief in our clients, country and the potential of our continent.”