Annet Nakawunde, managing director of Finance Trust Bank, is to become managing director of Centenary Bank Malawi, taking charge of a lender that has rebuilt its balance sheet since its acquisition by Centenary Group.
Finance Trust has said Ms Nakawunde will leave in November for an international leadership opportunity; her appointment was confirmed by sources at Centenary Group. Her effective date and the status of any regulatory approvals were not immediately clear.
Centenary Group acquired 51 per cent of the former MyBucks Banking Corporation in 2022, with the Catholic Archdiocese of Lilongwe holding the remaining stake. The bank was rebranded as Centenary Bank Malawi the following year.
A Centenary document describes the bank, when acquired, as “a viable investment, boasting a sound management but a weak position”. It says the lender had begun making “some” profits by October 2023 after a capital injection and rebranding.
Centenary Bank Malawi’s interim results show assets of about MWK274.9bn at June, equivalent to about Shs663bn at 21 October cross-rates. Customer deposits had risen to MWK230.7bn, up 24 per cent from a year earlier.
Government securities account for much of the bank’s balance-sheet growth, while net loans fell slightly in the first half. Loan-impairment charges rose to MWK5.1bn, from MWK4.1bn in the period, which the bank said reflected weaker loan quality.
Ms Nakawunde will arrive in Lilongwe after a period of rising assets and deposits, alongside higher impairment charges and a modest decline in net loans. The bank’s biggest exposures are to agriculture, wholesale trade, and personal lending.
Finance Trust became a Tier II credit institution in April after more than a decade as a commercial bank. It traces its origins to the Uganda Women’s Finance and Credit Trust and retains a focus on women, small businesses and lower-income customers. Nakawunde has also worked at Pride Microfinance and in operations and compliance roles at Finance Trust.
Centenary Malawi remains a small part of the group. Centenary Bank Uganda, the biggest subsidiary, says it has an asset base of Shs8.5tn, roughly 13 times the Shs663bn equivalent of the Malawian bank’s June assets. Centenary Bank is the country’s second-largest bank by assets, after Stanbic Bank.
The Malawian business is a commercial bank rather than a microfinance institution, though it offers microfinance products alongside retail, SME and credit services. Its public material identifies mass-market customers, small businesses and government employees as important markets.
Ms Nakawunde did not respond to telephone calls and messages seeking comment.
