Table of Contents
Key Points
- Malawi’s FDH Bank signs deal to buy a 98.87% stake in Ecobank Mozambique from ETI to expand into Southern Africa.
- Following a 48% stock surge in July, FDH Bank’s market cap now exceeds $2 billion, making it Malawi’s most valuable listed company.
- FDH Bank stock delivers 255% year-to-date return; $100,000 invested in January now worth approximately $355,000.
FDH Bank Limited, a commercial bank based in Blantyre and founded by well-known Malawian businessman Thom Mpinganjira, is preparing to take a major step beyond its home market. The bank has announced a deal to acquire nearly all of Ecobank Mozambique S.A. from the pan-African financial group Ecobank Transnational Incorporated (ETI).
Ecobank Mozambique operates as a fully licensed commercial bank regulated by the Central Bank of Mozambique. It runs four branches located in some of the country’s major cities. The bank has had a presence in Mozambique since 2000, initially operating as Novo Banco SARL before being rebranded as Ecobank Mozambique in 2014, following its acquisition by ETI.
FDH enters Mozambique with major deal
In a statement issued on Aug. 5, 2025, FDH Bank confirmed that it has signed a definitive agreement with ETI to purchase a 98.87 percent stake in the Mozambican operation. The remaining 1.13 percent of the shares are held by Fundo Para o Fomento de Habitação (FFH), a local housing development fund.
For Ecobank, the sale aligns with its broader plan to streamline operations across its network as part of its Growth, Transformation, and Returns (GTR) strategy. For FDH Bank, it opens the door to regional growth—bringing its brand and services into one of Southern Africa’s key markets.
The move also gives FDH Bank an opportunity to tap into new sources of revenue and broaden its customer base beyond Malawi. The bank confirmed that the transaction has already received all necessary regulatory approvals, clearing the way for the deal to move forward.
FDH Bank hits $2 billion valuation
FDH Bank is no newcomer to growth. Since its launch in 2002, the bank has gradually expanded its footprint in Malawi. It now operates 53 branches and 91 ATMs across the country, offering services that range from everyday banking to corporate advisory under the broader FDH Financial Holdings group.
That steady growth has not gone unnoticed in 2025. Over the past few weeks, FDH Bank’s share price has surged by more than 48 percent on the Malawi Stock Exchange—from MWK355.54 ($0.2055) on July 9 to MWK527.39 ($0.3048) by July 28.
The sharp rise has pushed the bank’s market capitalization above $2 billion, making it the most valuable company listed on the exchange. It’s a strong vote of confidence from investors who appear to be paying close attention to both the bank’s financial results and its long-term plans.
FDH Bank’s growth outpaces peers
So far this year, FDH Bank ranks as the second-best performing stock on the Malawi Stock Exchange, delivering a year-to-date return of 255 percent. To put that in real terms, an investment of $100,000 in January would now be worth around $355,000.
But the numbers only tell part of the story. What’s also driving investor interest is the bank’s clear focus. Across Africa, banks with healthy balance sheets, solid digital infrastructure, and steady leadership are drawing increased attention.
FDH Bank checks all three boxes. Its gradual expansion, combined with a deliberate investment in digital services, has helped it stand out in a competitive sector. As the Ecobank Mozambique deal moves closer to completion, all eyes will be on how FDH Bank handles this next chapter—its first outside Malawi, and possibly the beginning of something bigger in the region.
