Malawi’s richest man, Hitesh Anadkat, loses $290 million from FMB Capital stake

Hitesh Anadkat, Malawi’s richest man and one of Southern Africa’s most influential banking figures, has suffered a sharp drop in the market value of his net worth in FMB Capital Holdings Plc as the lender’s shares continue to retreat on the Malawi Stock Exchange.

Anadkat controls a 45.32% stake in the regional banking group, equivalent to about 1.11 billion shares.

Over the past 52 days, which equals 38 trading days, the market value of his holdings has fallen by MWK501.59 billion, or about $289.86 million. That decline has cut the value of his stake to roughly MWK3.06 trillion ($1.77 billion), down from MWK3.57 trillion ($2.06 billion).

Share slump weighs on Anadkat’s fortune
FMB Capital’s shares have dropped more than 14% in just 38 trading days, slipping from MWK3,197.86 ($1.84) on Jan. 1 to MWK2,747.98 ($1.58) by the close of the market on Friday, Feb. 20. The pullback has trimmed the bank’s market capitalization to MWK6.76 trillion ($3.89 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 journey and story are a study in disciplined regional growth. Established more than three decades ago as a modest commercial lender in Blantyre, the group has methodically expanded beyond Malawi, building operations in Mozambique, Zimbabwe, Zambia and Botswana.

That multi-market footprint has reduced reliance on any single economy, cushioning earnings against domestic volatility while positioning the bank to capture growth across Southern Africa.

Stronger governance and tighter cost control have strengthened FMB Capital’s balance sheet, supporting sustained profitability and boosting long-term investor confidence. The lender projects 2025 full-year profit after tax to rise 32–51% to $137 million–$156 million from $103.5 million, with profit attributable to shareholders expected at $105 million–$115 million, up 53–67%.