My Bucks Bank sells off 100 per cent stakes

A local bank, My Bucks Bank says it is selling its 100 per cent stakes in the bank.

In a statement, the bank says it is on the verge of acquisition amid the bankruptcy of its parent company, My Bucks SA.

The bank says it already started the process of sale with a strategic investor, before the bankruptcy of the parent company, to acquire the 100 percent shareholding and processes with Reserve Bank are already underway.

My Bucks SA was placed into bankruptcy in December but the Malawi subsidiary assures there are no effects on local operations.

My Bucks, a fintech company that operated a microfinance firm in Malawi, bought the New Finance Bank and later acquired Nedbank Malawi, becoming one of the fastest growing bank in the country.