LOITA ON GROWTH TRACK

Blantyre, Malawi – Monday, 3rd November, 2003

BY FRANK PHIRI

Loita Investment Bank (LIB) has announced plans to open a branch in Limbe in the first quarter of next year as part of the Pan-African financing and technology house's growth strategy for Malawi.

Justin Chinyanta, LIB group chairman told corporate clients at a jazz fete in Blantyre that the branch in Limbe would become LIB's third after Blantyre and Kanengo, which would cater for the trading community in that catchment area.

“Plans are at an advanced stage to open a full service branch for Limbe. This branch will create more proximity to Loita services in the area, which has buoyant trading activity,” he said.

Chinyanta who is based at LIB's administration headquarters in Johannesburg, said four years since its establishment in Malawi; LIB is geared for challenges lying ahead in the competitive and innovative banking industry.

He said Loita would strive to bring global banking solutions to its clients in Malawi to ensure their financing and technology needs were fulfilled.

“We have the technical capacity to ensure efficient delivery of front line financial services and products. We stand ready for the challenges lying ahead of us,” said Chinyanta.

He said the bank was enjoying growth in Africa through its core business of corporate finance and investment management as well as supply of banking software through its subsidiary, Fintech Limited.

Chinyanta said apart from Fintech, Loita also has interests in cash less switching payments and card technologies-the equivalent of Malawi Switch Centre (Malswitch) in four countries.

In Zimbabwe Loita is the majority shareholder (51 per cent) in Zimswitch. In Kenya it has a stake in Kenswitch and Eswitch in Zambia.

The bank also has a stake in Explorer Corporation a card-based business listed on the Johannesburg Securities Exchange (JSE).

LIB Malawi Managing Director Jerome Bissay said the bank ended with a healthy balance sheet with last year. He cited syndication of a K90 million cooking oil trade importation for Catholic Relief Services (CRS), as one of its successes.

He said under the deal, which also involved Finance Bank and New Building Society (NBS), CRS was able to import cooking oil for sale in the country and hoped to raise K200 million to be ploughed into charity work.

LIB operates in 14 African countries it is 95 per cent owned by management while the US-based Southern Africa Enterprise Development owns the remaining 5 per cent.