The once government-owned Malawi Savings Bank (MSB) is expected to change its name to FDH Bank once it has fully been integrated with the FDH Bank, the bank official has revealed.
FDH Bank and MSB are currently under the integration process after FDH Financial Holdings Limited bin July this year acquired majority shares of the formerly wholly government owned bank.
MSB acting Chief Executive Officer, Ted Chanza said the integration was expected to take between 12 to 18 months to complete.
Chanza in a communiqué to the bank’s customers said the integration of the two banks depends on regulatory approvals from Reserve Bank of Malawi (RBM).
“The new shareholder intends to run its two banks, FDH Bank and Malawi Savings Bank (MSB) separately, subject to approval from the Reserve Bank of Malawi, during which period the two businesses will be undergoing integration,” explained Chanza.
Chanza said based on Sale and Investment Agreement, FDH Financial Holdings was currently implementing various operational and strategic changes at MSB, which include, among others, improving the governance structure and processes.
“Please also note that, we do not expect to make any major changes during the period of integration. However, when the two banks are fully integrated and subject to regulatory approvals from the Reserve Bank of Malawi, we will merge into one bank which will be called FDH Bank Limited. We believe that the new bank will provide more growth opportunities of doing business,” he added.Follow and Subscribe Nyasa TV :