Last year, a notice by National Bank of Malawi (NBM), dated 6th December 2019 has showed that the firm has developed an interest in acquiring a controlling stake in an undisclosed financial institution outside Malawi. 2 months later, The Citizen newspaper in Tanzania has revealed that NBM is interested in acquiring a 75% stake in Akiba Commercial Bank.    

The news was broken by the Fair Competition Commission in Tanzania, announcing through a statement, that the merger is currently under investigation. In a statement, the FCC called for parties that may be affected by the merger, to submit their petitions.

Akiba Commercial Bank was established in 1997, and according to figures from the bank’s audit report in 2018, ACB is worth Sh155 billion in total assets. In December, NBM’s secretary outlined that the development may also affect the NBM plc share price.