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Approval of Centenary Rural Development Group Limited and Catholic Archdiocese of Lilongwe As New Shareholders Of MyBucks Banking Corporation
Centenary Bank Admin
29 December 2022

Further to the Press Releases issued on 11th July and 14th October 2022 on the search for a strategic investor for MyBucks Banking Corporation Limited (the Bank), the Board of Directors of the Bank is pleased to inform the Bank’s valued customers and the public that the Registrar of Financial Institutions has granted approval to Centenary Rural Development Group Limited of Uganda (Centenary Group) and the Catholic Archdiocese of Lilongwe to acquire 51% and 49% shareholding in the bank, respectively. The approval was granted on 23rd December 2022. Meanwhile, completion of the transaction awaits approval from COMESA Competition Commission.

With the approval, Centenary Group becomes the Bank’s new majority shareholder and the Bank becomes Centenary Group’s fourth subsidiary. Centenary Group, is a limited liability company and a Group holding company of Centenary Bank Uganda, the largest commercial microfinance bank in Uganda. Centenary is also a holding company for two other subsidiaries – Centenary Foundation and Centenary Technology Services Limited. Centenary Group was initially incorporated as Centenary Rural Development Bank Limited on 6th April 1983. It changed its name to Centenary Rural Development Group Limited on 1st July 2020. The Group’s flagship subsidiary, Centenary Bank Uganda is a leading commercial microfinance bank serving a quarter of Uganda’s banking population with 2.4 million customers, 80 branches, 5,200 agents, 192 ATM, online digital platforms and 3,000 employees. Centenary Bank also supports 46,000 Village Savings and Lending Associations and 12,000 SACCOs. In terms of financial performance, Centenary Group reported after tax profit of USD59 million (MWK49 billion) for the year ended December 2021, up from USD46 million (MWK38 billion) reported in 2020. The Group had total assets of USD1.4 billion (MWK1.1Tn) as at December 2021; with 47% (USD647 million; MWK528 billion) in loans and advances and 28% (USD385 million; MWK314 billion) in government securities, representing a combined 75% of the total assets.

The Catholic Archdiocese of Lilongwe is a Roman Catholic diocese located in Lilongwe. It covers seven districts of Malawi’s Central Region. It has seven ecclesiastical deaneries, 46 parishes and 620 outstations. Currently, the Archdiocese of Lilongwe is under the leadership of Archbishop George Desmond Tambala. The Archdiocese owns several institutions in Malawi, including education institutions, hospitals and companies, in addition to owning several commercial properties within Lilongwe and surrounding districts. It has total assets of over MK30 billion. The Archdiocese also runs several community and social justice projects for the benefit of Malawi’s most marginalized people.

The unique combination of the Bank’s new shareholders will enable the Bank to deliver on its financial inclusion agenda and reach out to all the unbanked people across the country to change their lives thereby contributing to the achievement of the Malawi Government Agenda 2063. The Bank and its new shareholders would like to thank the Bank’s valued customers, the public and the Registrar of Financial Institutions for unwavering support to the Bank. With compliments of the season to our valued customers and all the people of Malawi!

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