Done deal! Malawi Savings Bank, Indebank sold

It’s now official, government has sold Malawi Savings Bank (MSB) sold at K9.5bn ($21.1 million) while Indebank has been sold at K6.7bn ($14.9 million).

Done deal Signing of documents to seal the sale of Malawi Savings Bank to FDH of Thom Mpinganjira

Done deal Signing of documents to seal the sale of Malawi Savings Bank to FDH of Thom Mpinganjira

Time to smile the Malawi Savings Bank is all yours now, Finance Minister Goodall Gondwe hands over documents to Thom Mpinganjira of FDH

Time to smile the Malawi Savings Bank is all yours now, Finance Minister Goodall Gondwe hands over documents to Thom Mpinganjira of FDH

MSB has been sold to FDH Financial Holdings Limited whose chief executive officer  is Thom Mpinganjira.

The signing ceremony toook place on Thursday in the capital Lilongwe which saw Finance Minister Goodall Gondwe sigining on behalf of government and Mpinganjira as the new owner.

Malawi government now holds only 25% shares in MSB while FDH Holdings has 75%.

President Peter Mutharika said in a statement that government has sold the banks after listening to public debate and based on powers conferred on him by the Constitution.

“The general public is , therefore, assured that the sale of the government shares in MSB shall not, in any way, result in closures on any branches currently operating throughout the country,” said a statement issued by President Mutharika’s press secretary Gerald Viola.

The new MSB owner Mpinganjira also assured that no branch will be closed neither will employees lose their job.

He said that was part of the bidding requirement.

Public outcry and parliament forced President Peter Mutharika to suspend the sale of MSB which had reportedly been weighed down by bad loans.

Reports indicate MSB posted a pre-tax profit of K2.5 billion (US$6 million) between January and May 2015.

MSB has posted a 221 percent increase compared to the same period last year when profit before tax was K773 million (US$2 million).

The bank’s unaudited management accounts ending May 31 2015, show that MSB has made a consolidated pre-tax profit of K2.5 billion against a budget of K1.1 billion (US$2.4 million), beating the target by 126 percent.

The MSB management accounts report also show that MSB Forex Bureau, a wholly owned subsidiary of the bank, made a pre-tax profit of K186.4 million (US$414 222) against a budgeted pre-tax profit of K228.4 million (US$507 556).

In the past five years the bank only made a loss of K1.9 billion in 2014.

MSB has 74 points of representation across the country with a workforce of about 600.

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Mackelvin Rodgers Chunda
Guest
Mackelvin Rodgers Chunda

How do the Govt identify Thom Mpinganjira to buy MSB?

Anzeru ndinu
Guest

Gud leaders .bravo guyz

nzanani phumisah
Guest

Ngati nthambi sizikubala zipatso kungozidura. Even muti fwiiiiiiiiii fwiiiiiiiii mungovutika. Inu munali kuti?

Olobodoka
Guest

Mugulitseso dziko lina ndifetomwe anthu mutchule ndinu okuba inu ndipo palibeso azakuvotereni ndiposo kwanu sikuno ubwerere komwe unachokera mwana wa OBAMBA IWE stupid……..

Keen Observer
Guest

The government that doesn’t listen always does that.

Nzeru
Guest

Pleasurre govt

Trevor Joy Mwambila
Guest

Ndipake a Malawi tizingotchona basi.udzilamulile wekha iwe pitala.Ugulitseso dziko la Malawi

Senzo
Guest

I said tabetsa dziko ndi Pitala and Nyasa times was awash congratulating Peter for grabbing power by all means. Now here we go, brace yourselves for more, ma blackouts ndi awa ali mbwembwe, no water, next we know fuel queues will be back, next it will a repeat of July 20, and next…… same oh so!! going circles! Cry my beloved country Malawi

zonse ndi nthawi
Guest

Mugulitseso MBC and Reserve Bank sizikutithandiza olo pang’ono .

Chidzukulu Chakwitusya
Guest
Chidzukulu Chakwitusya

Malawian’s never voted DPP…Malawians were batryed by this party.they are trying to recover the money they had spent to rig the selections. Thom should know that politics is a dirty game come another regime these things will need answers yo why FDH was the only bank given to buy the bank? Remember “Ana amulungu sankhale akulira masiku one amoyowawo ndichani chongamulale ambiye Mulungu wachilingamo Ndi wachikondi”

Thom should have learnt from Multi….those business people who hide under politicians do not lust long
..

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