National Bank wins Indebank bid

Written by  Patrick Lunda

National Bank has emerged a preferred bidder to take over the operations of IndeBank as the bank was put up for privatization in March to boost its capital in compliance with Reserve Bank of Malawi’s Basel II requirements.

Indebank head office in Blantryre Indebank head office in Blantryre
24
April

 Chief Executive Officer for Public Private Partnership Commission (PPPC)    Jimmy Lipunga disclosed this during a press briefing in Blantyre on Friday that after the evaluation of the bids National Bank satisfied the evaluation committee on the technical and financial proposals. 

 Lipunga said National bank scored highly on both financial and technical proposals to bid other bidders FMB Bank and Consortium of Prudential Holdings Limited and Rinascinmento of Mauritius.

“The evaluation team reconvened on 18 April to evaluate the Best and Final Offers (BAFOS). After a thorough assessment based on the original evaluation criteria, the bidders attained the following scores on their technical qualification proposal, Consortium of Prudential Holdings Limited and Rinascimento  78 percent, FMB 85 percent and National Bank 87 percent,” Lipunga said.

“After evaluating the technical proposals, the financial bids were assessed based on the evaluation criteria contained in the original bid procedures, National Bank K6.3 billion, registering a 100 percent score, FMB K6,057,000,000 (96 percent) and Prudential Holdings Limited K4.3 billion (69 percent).”

He also disclosed that National Bank would introduce operating and finance lease facilities to the clients of Indebank, enhance Indebank’s Card and E-Banking through the introduction of services currently enjoyed by NBM customers.

NBM would ITC strategy and management through a shared ICT platform and utilization of the space capacity on NBM infrastructure, enhance Malawian participation through improved Employee Ownership Scheme (ESOP) and listing on the Malawi Stock Exchange in the third year of the plan.

Following the winning of the National Bank is expected to hold discussions with PPPC within the next two weeks.

National Bank was shortlisted alongside FMB and the Prudential Holdings Limited of Mauritius to submit the second and final bid.

Muli Holdings Limited and Kenyan firm Africa Development bank failed to meet the commission’s requirement during the initial bidding process.

The process to recapitalise Malawi Savings Bank, which was offered to a local firm FDH Bank, was since been suspended following a court action stopping it from being privatised.

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