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Malawian billionaires Thom Mpinganjira and Hitesh Anadkat lost a combined $134 million in the value of their bank shares in the third quarter of 2026, as FDH Bank Plc and FMB Capital Holdings Plc fell on the Malawi Stock Exchange.
Mpinganjira, founder of FDH Bank, lost $73 million. He owns about 2.81 billion FDH Bank shares, roughly 41% of the lender, through FDH Financial Holdings. FDH shares fell 8.9% from 512.97 kwacha on July 1 to 467.51 kwacha on Sept. 28. Billionaires.Africa calculations show the value of his stake fell from $823.2 million to $750.3 million.
Anadkat, founder of FMB Capital Holdings, lost $61 million. He owns 1,114,939,081 shares in the company, making him its largest shareholder. FMB Capital shares fell 5.1% from 1,895.81 kwacha to 1,800 kwacha over the same period, cutting the value of his stake from $1.21 billion to $1.15 billion.
The Malawian kwacha was stable at about 1,751 per dollar, so both losses reflect falling share prices alone.
FDH Bank is one of Malawi's largest lenders and listed on the Malawi Stock Exchange in 2020. Its shares fell even though the bank reported a strong first half. Post-tax profit rose 43% to 86.42 billion kwacha in the six months to June 30, and revenue climbed 55% to 221.43 billion kwacha. FDH also completed the purchase of a 98.87% stake in Ecobank Mozambique from Ecobank Transnational, taking the Malawian lender into a second country.
FMB Capital Holdings, based in Mauritius, owns First Capital Bank, which operates in Malawi, Zambia, Botswana, Mozambique and Zimbabwe. Anadkat started the business in 1995 as First Merchant Bank in Malawi. FMB Capital shares fell 7.6% in a single session on Sept. 4, to 1,750.31 kwacha, before recovering part of that loss later in the month.
Rasik Kantaria, a co-founder of FMB, also lost money. His 525 million FMB Capital shares fell in value by $28.7 million during the quarter, to $539.7 million.
FDH Bank shares were down about 22% for 2026 by late September.
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