GROWING BEYOND BORDERS

Uganda’s Centenary Group purchases Malawi Bank, eyes more foreign expansion

By Musinguzi Blanshe

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Posted on October 26, 2022 16:09

Centenary Group, the holding company of Centenary Bank, Uganda’s second largest bank, has made its first foreign acquisition of a financial entity by the purchase of MyBucks, a bank incorporated in Malawi. The group is eying more expansion to South Sudan and Democratic Republic of Congo.

The group, together with the Catholic Archdiocese of Lilongwe, will acquire 100% stakes in MyBucks Banking Corporation of Malawi, whose proprietor MyBucks S.A. was placed into bankruptcy in December 2021.

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