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Sunday, 05 July 2015 11:35

MSB, Inde bank sold at K9.5 billion, K6.5bn respectively

Written by  Ebbelet Tembenu

 

 

Chief Executive Officer Thom Mpinganjira (R) gives his statement at Capital Hill in Lilongwe - Pic. by Abel Ikiloni

 

Lilongwe, July 2, 2015: Ministry of Finance Dr Goodall Gondwe has announced the selling of Malawi Savings Bank (MSB) and Inde Bank to successful bidders, First Discount House (FDH) holdings and National Bank respectively.

MSB has been sold at K9.5 billion while Inde Bank has gone at K6.5 billion, according to Gondwe.

Briefing the press in Lilongwe during the signing ceremony of Memorandum of Understanding, the Finance Minister said the banks were better off sold to those people who could operate them than to have closed down.

“It is extremely important that the Malawi Savings Bank is operated and managed by those with banking experience and not those in politics.

It is therefore not good for government to run the operation of the banks but rather create a good environment for banks to be operated,” he said.

Executive Director for FDH holdings, Thom Mpinganjira, the buyer of MSB, said the bank would not close down its branches as this would affect employment of the people currently working with the bank.

He also said the bank would maximize the value of the bank that would result in creation of more profits and that it would be guided by the Malawi Stock Exchange on the new name of the bank.

“Out of 75% shares acquired, 5% of the shares will be on behalf of the staff currently working with MSB which sums it up to 80%,”Mpinganjira explained.

Also at the signing ceremony, the qualified bidder for Inde bank, Chief Executive Officer for National bank, George Patridge said the bank would be made a professional institution that would strive into making profits.

He added that the bank was planning to use Inde Bank as a subsidiary bank and that it would abide by the rules and regulations that were listed down in the registered document.

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