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Malawian billionaire Hitesh Anadkat has reinforced his standing as the country’s richest individual, as the value of his stake in FMB Capital Holdings surged past $2 billion. The sharp rise follows a strong rally in the financial group’s shares on the Malawi Stock Exchange, fueled by renewed investor confidence and the bank’s expanding footprint across Southern Africa.
Rising wealth and expanding reach
Anadkat, who founded FMB Capital in 1995, has remained its largest shareholder for three decades. He owns 45.32 percent of the financial group, representing roughly 1.11 billion shares. Over the past two weeks, the market value of that stake has climbed by nearly $696 million, rising from MWK2.56 trillion ($1.48 billion) to MWK3.77 trillion ($2.18 billion).
This latest surge builds on earlier gains recorded between late August and mid-September, when Anadkat’s fortune rose by an additional $250 million as FMB’s share price advanced. The back-to-back gains mark one of the most impressive performances on the MSE this year, thus reflecting growing trust in the bank’s management and regional growth strategy.
FMB’s growth highlights the rise of a regional banking group that has steadily moved beyond its Malawian roots. Founded three decades ago as a small lender in Blantyre, the company has expanded into Mozambique, Zimbabwe, Zambia and Botswana, building a presence that shows its ambitions stretch well beyond Malawi.
A standout performer on the Malawi Stock Exchange
FMB Capital’s stock has been one of the top performers on the exchange this year. Its share price climbed from MWK2,300.03 ($1.327) to MWK3,383.77 ($1.952), pushing its market capitalization to MWK8.32 trillion ($4.8 billion). That gain alone has turned heads among investors who typically view African equities as relatively illiquid.
FMB's shares have gone up 510 percent so far in 2025. That means that a $100,000 investment at the beginning of the year would now be worth around $609,690. This is a great return that shows both faith in the bank's leadership and fresh hope in Malawi's financial industry.
