Loita Investment Bank Limited (“LIB”) recently announced that it has commenced operations at its first branch in Malawi in Kanengo, Lilongwe.

"The reasons for establishing a branch here are simple," advised Jerome Bissay, the Managing Director, "Lilongwe is the Capital City and the tobacco industry is the core export business of the economy. LIB intends to ensure that this business and the supporting agro-industry in Kanengo are given the deserved service levels from the financial sector.

LIB has the technical capacity and professional means to ensure sustainability and growth in this critical area and we look forward to providing front-line financial services support.

The recently recruited LIB Lilongwe Branch Manager, Mr Phillip Madinga, who has several years of experience in the Malawi banking sector and epitomizes the Loita philosophy of capacity building and empowerment is definitely excited by the new challenge.

"I have seen banks opening branches before, but none with the same support and focus as LIB. What we have in Kanengo is quite unique." Informed Phillip, "LIB have already established themselves in the Malawi economy as a market leader in financial products and services, and now with this full-branch operation we will be able to deliver the same bankable solutions directly to the heart of the economy."

The products and services that LIB is offering are:

1. Cash Management in both local and foreign currency, with the highest interest bearing MWK current accounts, with cheque book facilities, on the market - up to 8%.

2. A variety of Fixed Deposit and Notice Deposit tenors that can be tailored to suit specific cash-flow requirements.

3. FCDA's - through LIB's numerous strategic international partnerships and correspondent bank relationships, providing same day value on all incoming transfers.

4. FX business - LIB is a licensed FX dealer for any FX transfers, discounting cheques and issuing Bank Drafts and Traveler’s Cheques, with highly competitive rates.

5. Electronic Banking - enabling their customers to do a multitude of transactions without having to leave their desk

6. Loita Direct Corporate Service - a courier banking service with cheque collections, remittance requests and other regular banking transactions, including the provision of interim statements, 24 hour processing of transfers and other international banking transactions. Traveler’s Cheques Delivery Service.

7. Structure Pre-Shipment Finance Facilities - LIB has established itself as a market leader in providing US$ based finance facilities for companies with export business or with those who have US$ based earning capacity.

8. Dollar Linked Certificate - a currency linked noted that enables investor to retain currency value against potential fluctuations and depreciation of the Malawi Kwacha and meet future foreign exchange liabilities.