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Hitesh Anadkat, Malawi’s richest man and one of East Africa’s most influential banking figures, has suffered a sharp drop in the value of his holding in FMB Capital Holdings Plc as the lender’s shares continue to retreat on the Malawi Stock Exchange.
Anadkat controls a 45.32 percent stake in the regional banking group, equivalent to about 1.11 billion shares. Over the past 16 trading days, the market value of his holding has fallen by MWK296.83 billion, or about $171.22 million. That decline has cut the value of his stake to roughly MWK3.77 trillion ($2.17 billion), down from about MWK4.06 trillion ($2.34 billion).
Share slump weighs on Anadkat’s fortune
FMB Capital’s shares have dropped nearly 7.31 percent in just over two weeks, slipping from MWK3,646.92 ($2.10) on Nov. 19 to MWK3,380.51 ($1.95) by early Dec. 8. The pullback has trimmed the bank’s market capitalization to around $4.79 billion.
Market participants say the recent decline reflects short-term selling pressure rather than a change in the bank’s core business. For Anadkat, this translates into a markdown in his fortune tied to the lender, though he remains solidly positioned as the group’s largest shareholder.
From local lender to regional player
FMB Capital’s story remains one of measured expansion across Africa. Founded more than 30 years ago as a small commercial bank in Blantyre, the group has steadily grown beyond Malawi’s borders. Today, it operates in Mozambique, Zimbabwe, Zambia and Botswana, building a diversified footprint that has shielded earnings from single-market risk.
This reach is a key strength, allowing the bank to tap faster-growing markets while maintaining a strong base at home. It has also benefited from improved governance standards and tighter cost controls over the years, factors that have supported long-term investor confidence.
Strong year still supports investor confidence
Despite the recent dip, FMB Capital remains one of the strongest performers on the exchange this year. The bank’s shares are up 509.10 percent so far in 2025. Put simply, a $100,000 investment made at the start of the year would now be worth about $609,100.
That performance suggests the latest decline may be a pause rather than a reversal. For Anadkat, the recent loss is notable, but it comes after a period of exceptional gains that have cemented FMB Capital’s place among Africa’s standout banking stories this year.
