Home » 5 companies owned by Malawian multimillionaire banker Hitesh Anadkat

5 companies owned by Malawian multimillionaire banker Hitesh Anadkat

Exploring the business Empire of one of Malawi's richest: Anadkat's multimillion-dollar investments in Southern Africa

by Feyisayo Ajayi
Hitesh Anadkat

Hitesh Anadkat, a prominent Indian-Malawian business magnate, banker, successful serial entrepreneur, philanthropist, and one of Malawi’s top 10 wealthiest businessmen, has established himself as a notable figure in the Southern African business scene. He has also secured a position as one of the richest investors on the Malawi Stock Exchange.

As the visionary force and founder steering FMB Capital Holdings — a Mauritius-based financial services holding company with active commercial banking operations spanning Botswana, Malawi, Mozambique, Zambia, and Zimbabwe—Anadkat has played a key role in the growth of the financial services industry in Southern Africa.

Beyond his business pursuits, Anadkat has made significant philanthropic contributions to health, education, and prison reform, including notable initiatives such as the Anadkat-Wellcome Trust Trauma Centre and the Anadkat Centre for Children’s Emergencies at Queen Elizabeth Central Hospital.

With an investment portfolio worth more than $170 million — from over $230 million in September — Anadkat has solidified his position as the richest investor on the Malawi Stock Exchange, showcasing his ability to generate substantial wealth not only through FMB Capital Holdings but also through his holdings in top-performing companies such as Letshego Holdings and Telekom Networks Malawi.

Billionaires.Africa has documented companies owned by Anadkat. Here are five such companies where he holds a direct or indirect stake:

  1. FMB Capital Holdings
    Founded in 1995 by Anadkat and headquartered in Port Louis, Mauritius, First Merchant Bank(FMB) Group or Capital Holdings stands as an influential investment holding company, operating across multiple African nations, notably Botswana, Malawi, Mozambique, Zambia, and Zimbabwe. FMB Capital has significantly impacted the region’s financial sector, emerging as a key player. Anadkat owns a substantial 35.51-percent stake in FMB Capital, owning a total of 872,924,575 ordinary shares currently worth $155.56 million.
  1. Letshego
    Anadkat, an esteemed Indian-Malawian financier, holds a significant 2.9 percent stake translating to 63,053,394 ordinary shares and presently worth $5.87 million in Letshego Holdings Limited, a regional African financial services conglomerate based in Botswana. His stake positions him as the company’s largest private shareholder. Letshego’s extensive consumer financial services span ten Sub-Saharan African markets, highlighting Anadkat’s significant role in the region and his presence on the Botswana Stock Exchange.
  2. Telekom Networks Malawi (TNM)
    In the African telecommunications sector, Anadkat holds a substantial stake in Telekom Networks Malawi (TNM), a pioneering telecom company established in 1995. Anadkat’s stake of 435,000,000 shares, currently valued at $6.95 million, showcases his influence in Malawi’s telecommunications landscape. 
  1. Afcarme Zimbabwe Holdings
    Afcarme Zimbabwe Holdings, a strategic acquisition by FMB Capital Holdings Plc, serves as a crucial holding entity for Barclays Bank Zimbabwe. Anadkat’s role in this cross-border trade operation is highlighted by FMB Capital Holdings and ESOT’s acquisition of a 57-percent stake from Barclays Plc. This move, approved by Zimbabwean authorities, solidified Anadkat’s influence, giving FMB Capital Holdings a 42.7-percent stake and Barclays a 10 percent ‘look through’ ownership.
  2. First Capital Bank Zimbabwe Limited
    Under the umbrella of FMB Capital Holdings Plc, Anadkat’s influence extends to First Capital Bank Zimbabwe Limited (FCBZL). Acquiring a substantial 42-percent stake in 2017, FMB Capital Holdings became the primary shareholder in FCBZL. Formerly known as Barclays Bank of Zimbabwe, FCBZL operates as a key player in Southern Africa, reflecting Anadkat’s strategic vision for financial services in the region.

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