Guest Info
Hitesh Anadkat is a Malawian businessman, investor, philanthropist, and the founder of FMB Capital Holdings, an African banking group. After completing his education, Anadkat established a successful corporate finance firm in Connecticut, USA. In 1992, he returned to Malawi and obtained the country’s first private banking licence in 1994, despite challenges in the closed and state-controlled financial sector.
In 1995, Anadkat founded First Merchant Bank, now known as First Capital Bank, which quickly expanded into other countries. The bank obtained a banking licence in Botswana in 2008 and acquired the banking operations of the International Commercial Bank (ICB) in Mozambique, Malawi, and Zambia in 2013. In 2017, the group acquired a majority stake in Barclays Bank of Zimbabwe.
First Capital Bank’s shares were later transferred to FMB Capital Holdings, a Mauritian-based entity, and are now traded on the Malawi Stock Exchange. As of 2021, the bank’s assets amounted to $1.4 billion, with Anadkat remaining its principal shareholder and serving as a non-executive board member of FMB Capital and its subsidiaries.
Anadkat also played a crucial role in acquiring TNM, Malawi’s largest telecoms provider, from Telekom Malaysia in 2007 in collaboration with Press Corporation and Old Mutual. He holds a significant minority stake in TNM and served as Vice Chairman from 2007 to 2021.
In 2021, Anadkat became the largest private shareholder of Letshego, a financial services provider based in Botswana. Additionally, he has investments in tobacco, manufacturing, and real estate, including notable properties like Livingstone Towers in Blantyre and Chief Mbelwa Building in Lilongwe, the capital city of Malawi.
About the Show
In this episode of the Global Indian Podcast, join Rajan Nazran as he delves into the wonders of Malawi, a captivating landlocked nation and interacts with Hitesh Anadkat to discover more about this unique country.
The people of Malawi are known for their friendliness and peaceful nature, but the economy is subject to macroeconomic instability. Doing business here can vary from capital-intensive projects to small businesses, and the legal system may only partially support local businesses’ growth.
The country’s market is relatively small, and infrastructure development requires more government support. Despite these challenges, Anadkat embraces his identity, feeling secure in their connection to Malawi.
Their discussion covers various topics, from its colonial past to gaining independence and embracing a carefree spirit. Malawi has experienced different political phases, from dictatorship to multi-party systems, shaping its social dynamics.
Among the Asian community in Malawi, there’s a preference for socialising within their circles. While some liberals acknowledge the intertwining of Asian identity with Malawian culture, others prioritise their self-interest and may hesitate to do so.
Tune in to this episode to explore the unique tales of Malawi from Hitesh Anadkat, setting it apart from other countries worldwide.
Produced by Global Indian Series for the Global Indian Network.
Script by Rajan Nazran
original idea: Rajan Nazran
Introduction music: (Music credit: https://freesound.org/people/Drakensson)
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