Hitesh Anadkat, born in 1960 in Blantyre, Malawi, is a prominent Indian-Malawian businessman and philanthropist.
He is the founder and Vice Chairman of FMB Capital Holdings, which includes First Capital Bank, established in 1995.
Anadkat has significantly influenced the Southern African financial sector and holds stakes in various companies, including Telekom Networks Malawi and Letshego Holdings.
He is also known for his philanthropic efforts in health and education, contributing to projects like the Anadkat-Wellcome Trust Trauma Centre.
Education
Anadkat was born in 1960 in Blantyre, Malawi, where he grew up working in his father’s trading business.
He pursued higher education, earning a BSc in Economics (Hons) from the University of London and an MBA from Cornell University.
After completing his studies, he worked in corporate finance in the USA, specializing in mergers and acquisitions before returning to Malawi to establish First Merchant Bank in 1995.
Entrepreneurial career
After completing his schooling in Malawi, Anadkat pursued a Bachelor of Science in Economics (Honors) from the University of London.
This academic achievement was followed by an MBA from Cornell University, one of the prestigious Ivy League institutions in the United States.
After obtaining his MBA, Anadkat began his career in corporate finance in the United States, specializing in mergers and acquisitions.
This experience provided him with valuable insights into global financial markets and corporate governance, preparing him for the challenges he would face upon returning to Malawi.
In 1992, motivated by a desire to contribute to his home country’s economic development, he decided to return.
Recognizing a gap in the banking sector, he sought to establish a private banking institution.
In 1994, he successfully obtained Malawi’s first private banking license, paving the way for the establishment of First Merchant Bank (FMB) in 1995.
Under Anadkat’s leadership, FMB grew rapidly and became one of the leading financial institutions in Malawi.
The bank was known for its innovative products and services tailored to meet the needs of both individuals and businesses.
As FMB expanded its operations beyond Malawi, it entered markets in Zambia, Mozambique, and Tanzania, establishing a significant presence in Southern Africa.
Beyond banking, Anadkat diversified his entrepreneurial interests across various sectors.
He served as Vice Chairman of Telekom Networks Malawi (TNM), contributing to the growth of telecommunications infrastructure in the region.
Additionally, Anadkat ventured into real estate development projects that enhanced urban infrastructure and contributed to economic growth.
In addition to his entrepreneurial ventures, Anadkat has held several prominent leadership positions within various financial organizations.
Net worth
Anadkat’s net worth is estimated at approximately $163.37 million, primarily due to his 35.51% stake in FMB Capital Holdings.
FMB Capital Holdings, the parent company of First Capital Bank, has a market capitalization exceeding $460 million.
In 2023, the group reported assets totaling $1.5 billion.
Philanthropy
Hitesh has been instrumental in various philanthropic endeavors, particularly in health, education, and prison reform.
Notable contributions include the Anadkat-Wellcome Trust Trauma Centre and the Anadkat Centre for Children’s Emergencies at Queen Elizabeth Central Hospital, the largest hospital in Malawi.
Additionally, he funded the construction of the Anadkat Halls of Residence at the University of Malawi College of Medicine.
In response to the dire conditions in Malawian prisons, Hitesh financed the construction of the largest prison block at Chichiri Prison in Blantyre and advocated for criminal justice reforms to address overcrowding and disproportionate sentencing.
Recognitions
Anadkat has received several notable recognitions and awards throughout his career, reflecting his impact in the banking and philanthropic sectors.
He was honored with the Indian Achiever’s Award in 2024, acknowledging his contributions to business and society.
Additionally, Anadkat has been recognized for his leadership in financial services, particularly in developing SME banking across Southern Africa through his work with FMB Capital Group.
