Saturday, June 06, 2020
Text Size

Acquisition of 100% Shareholding in International Commercial Bank by First Merchant Bank

On 24thApril, 2013, the Competition and Fair Trading Commission received an application for authorization of acquisition of 100% shareholding in International Commercial Bank Limited (ICB Malawi) by First Merchant Bank (FMB) through ICB Financial Group Holdings AG, a holding company based in Switzerland, whose business extends to banking services.

The transaction was part of the overarching transaction in which ICB Financial Group Holdings agreed to sell shares in its subsidiary companies present in Malawi, Zambia and Mozambique. At the time of the transaction, ICB Malawi did not meet the minimum regulatory capital and other liquidity requirements meant to safeguard customers. 

Following consultations with relevant stakeholders in market and final assessment of the same by the Commission, it was found that the acquisition of ICB by FMB would protect depositors, who would have suffered if the company had liquidated due to capitalization problems.

Given number of players in the banking industry, it appeared to the Commission that the consolidation of banks would result in strengthening the industry for the benefit of the banking public. The transaction would, therefore, not substantially lessen competition in the banking industry in Malawi.

Therefore,the Commission authorised the acquisition of 100% shares of ICB Financial Group Holdings in ICB by First Merchant Bank.

Request a copy of the full determination: This email address is being protected from spambots. You need JavaScript enabled to view it.


Complaints Form

You can post a quick consumer complaint by filling the form below. Alternatively, Click here to download our complaints form which you can fill and drop at our offices (view map) or email to

Full Name (*)

Please type your full name.
E-mail (*)

Invalid email address.
Tel/ Mobile

Invalid Input

Invalid Input

Company/ Institution Involved

Invalid Input
Its Physical or Postal Address

Invalid Input
Details of Complaint

Invalid Input

Please let us know how and when to contact you.

How should we contact you?

When would you like to be contacted? (*)

Please select a date when we should contact you.


CFTC – Just Competition, Fair Trading

Consumer Complaints

Click here to download our complaints form which you can fill and drop at our offices (view map) or email to