Mpinganjira puts a spin on Malawi Savings Bank takeover

After completing the 75 percent shares buyer of Malawi Savings Bank (MSB) from government, Thom Mpinganjira, FDH holding’s Chairperson has been on PR campaign engaging in almost every media house giving interviews and mostly well cheorographed to suit his notes with the latest being on Times TV when he accused some MPs, Civil Society Organizations (CSOs) and activists of being jealous for trying to stop the controversial sale of the bank.

Mpinganjira:Jealousy is still hunting many in Malawi

Mpinganjira:Jealousy is still hunting many in Malawi

Finance Minister Goodall Gondwe congratulate Mpinganjira for Malawi Savings Bnak takeover

Finance Minister Goodall Gondwe congratulate Mpinganjira for Malawi Savings Bnak takeover

Mpinganjira has been on Zodiak Radio, Capital Radio, MBC and engaged press reporters in a massive PR campaign.

He claimed jealousy compelled section of the society of not allowing the bank’s sale though government was losing lots of millions.

Mpinganjira added that Malawians are better celebrating at someone’s failure than successes saying such attitudes and tendencies were contributing factors towards the nation’s shrugging development after 51 years of independence.

“We are coming from a political system which compels us that only one ruling family in the country should have worth not anybody else which we must change. Every Malawians has a right to participate in any economic activities to move this nation forward.

“Jealousy is still hunting many in Malawi as our own nation anthem reads. Malawians are full of vendettas of always celebrating when they hear that someone has stumbled rather when successes has been registered.

“It’s very unfortunate that blockage to the bank’s sale is coming when the buyer was a Malawian. If was an Asian or European buying the bank, there wouldn’t this much noise on this. Let’s start loving each other for the sake of mother Malawi’s growth. Just look at our neighbours on what they have achieved after their independence”, stated Mpinganjira.

During the Times TV interview hosted by Brian Banda on Saturday, July 11, 2015, there were same questions that Mpinganjira has been repeating to answer in other interviews to score his PR strategy.

He repeated his lines to deny that President Peter Mutharika was behind the sale of MSB only using FDH Holdings name.

“What is the problem of coming from the same home district with the President? If I can change my home district today, will people say the same? I don’t belong to any political party. FDH holding is comprised of three financial entities including Old Mutual Insurance, Old Mutual Group and Mpinganjira Family. So, with such caliber of Old Mutual, do you think a politician can manipulate the whole financial power house?

“Of course, as a chairperson of the FDH Holding, I have been meeting President Peter Mutharika even the former head of state, Joyce Banda on the various economic issues affecting the nation to have my input. Remember, I am not a person from the street but someone with integrity to serve the nation.

“In fact the bank sale come into being with Former President Joyce Banda when she noticed its loses. This prompted us to try our luck in bailing out the bank from collapsing. The question could be whether we were favoured to win this bid from others. We met all requirements with vigorous consultations without favour from any politician apart from Public Private Partnership Commission (PPPC) which was tasked to carry the bank’s disposal”, challenges Mpinganjira.

Mpinganjira said his institution has the capability to turn MSB’s misfortunes to a merger profit making financial house with MSB former employees’ their job secured and continuing with procedures put across of running the bank.

“We have what it takes from bailing the bank’s loses to profit making financial entity with the rural people in mind because it has been a family bank with a huge network. No one will loose a job and bank’s colour and operating days will be maintained until further notice.

“On toxic loans, as I speak, now, the bank has already recovered MK24 million which will go directly to Malawi government. This follows the past week’s court ruling that Mulli Brothers Properties must be sold to recover the loans. The Special Purpose Vehicle which as tasked to recover the loans will make sure that everything which taken from this bank is brought back to Malawi government”, assures Mpinganjira.

Mpinganjira warned that parliament should tread carefully on commenting on investment issues as the nations may lose a lot of investment opportunities due to poor standing of the country on the global ease of doing business index.

The Malawi government through the Minister of Finance Goodal Gondwe on July 2, 2015 signed sale agreements with FDH Holdings Limited to buy 75 percent shares in the MSB bank at tune of MK9.5 billion.

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50 thoughts on “Mpinganjira puts a spin on Malawi Savings Bank takeover”

  1. kelvihill says:

    A Mpinganjira choti mudziwe mukudya makala amoto omwe eni ake akukhetsa misozi mulibe zaka zambiri mkwiyo wa jehova ukukanthani shuwa

  2. hisbolla says:


  3. hst says:

    Don’t put yourself on the spot Mr. Richman. You will end up saying something that will haunt you in posterity. Please maintain your cool. Just ensure that MSB delivers.

  4. Gulugufe says:

    Chakwera is behind the sale of MSB to Mpinganjira! He said he will the forensic report to block the sale but look what happened!

  5. pwiyapwiya says:

    Don’t entangle yourselves in Holy Sabbath discussion alongside this issue. Whether MSB will be opening on Saturdays or not depends on the owner’s conviction as we prepare for the second coming of Jesus Christ and this more important than the earthly riches or what majority opinion is like. Maranatha.

  6. Mhesha says:

    Ulesi a Malawi…everything looking up to government. Too much dependency disease. ..

  7. Vendor wamkulu says:

    You are saying you are not a street guy so what?So street guys do not hv integrity?Are thieving wamutharikas,corrupted mutharikas and other Lomwes street people?What is wrong to be a street guy and wake up every morning doing an honest business with this high rate of unemployment in Malawi?Musatinyoze Ife amu street.Some world billionaires came from the street if you didn’t know from very humble businesses.Ndiye musathe mawu ndi mbava inzanu Pitala ndi Mulli.

  8. Trevor Manyi says:

    Failed state ndithu

  9. Trevor Manyi says:

    577 BILLION woyeeee


    So, how is one supposed to defend themselves from that, especially as it comes from a man whom ZA Ntata has called Malawi’s Rothschild?
    That as it may I would have loved it if government immediately offered its remaining 25% to the public through the MSE. Wait for 3 years, why? Let the public buy the shares at the same price as our esteemed guest. In 3 years the share price will have trebbled and be out of reach for most people.
    The same applies to Inde Bank. Let’s list them both next month.
    One related thing; why are Malawian companies not going on the MSE to raise capital? This looks like a much easier option than the sky-high local bank loans. I could be naive. Perhaps?

  11. VIYAZI TEMBO says:


  12. VIYAZI TEMBO says:


  13. Ineyo says:

    Jeolousy jeolousy!! Ok fine.

  14. Malawians and NYASATIMES, do you know that they are lying that hey bought MSB at K9.5bn.

    FDH Holdings is paying Malawi Government K5.4bn for 80% of MSB.
    They are just committing that they will invest INTO THE SAME company K3.2bn to meet (RBM Basel II requirements – Is this not what they were making us believe that MSB will require K27bn?)

    And They are committing that they will inject (invest) K0.9bn into the same company to improve ICT for MSB.
    So they are adding 5.4, 3.2 and 0.9 and saying they have bought it at K9.5bn, which is a lie.

    If you think I am lying, Nyasatimes, please send your investigative journalists, let them ask Jimmy Lipunga or Thom Mpinganjira the breakdown of the 9.5bn.

    The fact is They have paid 5.4 bn for 80% of MSB. (they say 5% will be for Employee Shres but at the discretion of FDH Holdings) and MSB already is nearing K3bn profit for half year.

    This is a REAP OFF


  15. inkata be says:

    Nthawi yathu alhomwe.
    Ena 30 yrs
    Ena 10 yrs
    Enanso 2 yrs
    Pano iwalani zowerengera zaka, tizingopatsirana ngati mabankers konkuno, southern region- lhomwe belt mpaka kutha kwa dziko.
    Central and northern region mabulutun vindere vakufikapo.
    Fwe fwe fwe,msb inali ya amanu?
    Tisadzamveso nkhani imeneyi, otherwise mudaona chinameta nkhanga.

  16. kenkkk says:

    Please don’t confuse jealousy and corruption or the manner the bank was sold.I agree and support that the bank is in the hands of Malawians but not the manner it was sold. Anyway that is gone now.

    Personally am only interested on the recovery of mulli and others debts which it seems they are now being pursued by the govt. Msb was sold but the debts were not,so the govt is still owned money by mulli and according to Thom the debts have started being paid to the govt. But we need to track the payments and Pac has now to do its job to ensure that we get our money back.

    Long live Malawi.

  17. Man says:

    a Thom musachuluke nzeru! mesa munkati anthu akunama kuti mwagula MSB, but after 2 days mkumasayinira! God will punish u, we Malawians shouldn’t be taken for granted because we are poor. kulemera doesn’t mean you are too intelligent than us. Mind your foolish statements, otherwise you would just remain quite. People can pray for your early departure do you know that?

  18. mapwiya says:

    Uzatha ngati Mulli nawe iwe aise. Ndi dziko iri limatembenuka. U have grown so big headed that you can’t see u r championing your own downfall. How come ma dollars onse a boma are being channeled through your bank? Nde uziti sikupanga ndi ma politicians?

  19. nana says:

    You Thom you are just employing people from your church seventh day and those from mulanje and thyolo but if the bank was bought by an Asian it could have been national diversity

  20. Tsotso says:

    But why all this secrency? Please assure us that MSB will continue to be operating on Saturdays as opposed to FDH

  21. Phwado says:

    The next thing to hear will be mpinganjira has bought MDF

  22. Bola Kwimuka. says:

    Can we please have names and their educational qualifications of all Members of Parliament published so we could know and see their level of understanding. Pena pake a Malawife, we should blame ourselves for electing some dull, uneducated people into Parliament. The majority are uneducated and are the ones making most noise. Only a handful are properly educated and understand issues like the Joomas, Chiphikos, and a few others. Malawi Parliament must have some of the dullest and most uneducated Members in the World, who don’t know a thing!….. Why should we cry foul when they are bulldozed to enact laws that they themselves don’t even understand?

  23. Kanthu Ako!! says:

    No comments on the fact that Joyce Banda had already discussed the sale with Mpinganjira?

    Another thing, what has changed in less than a month, that now it’s OK that the bank has been sold?

    Malawians are indeed IDIOTS!!!

  24. Truck says:

    A Malawi nsanje lekani everybody God has created him with his own lucky stop being a Nation of jealousy people.If someone cant afford something just accept don’t talk useless thing.

  25. ben says:

    AT least the bank is still in malawian hands it is good to promote malawian businesses thumbs up

  26. Omex70 says:

    Who are you fooling Mr Mpinganjira? I think only those whose brains can not be able to analyze thing will ignorantly agree with your utterances. You better keep quite.

  27. Congratulation Mr Mpinganjira. I am fully behind you sir. You are my roll model. Indeed Malawians are very sick people with a “pull him down syndrome”. If it was m’mwenye or Mzungu. nobody could have said anything. zipumi basi biiii msanje,miseche ndi ufiti . No wonder we are the poorest country on earth.

  28. Njati says:

    Very true. Most of us Malawians are jealousy. We do not support each other. How amwenyes use FDH or MSB bank. if you go to FMB you find many customers achimwenye. ife nsanje basi. Good luck Thom. Asiye ansanje apitilize kulira.

  29. Tembo says:

    Mr Mpinganjira.
    Why is it that it is your buying of MSB that has attracted all this and yet the sale of Indebank has not? And you are busy protecting your theft? How come assets of MSB were devalued just before you bought it?

  30. memory says:

    Nsanje Ndi Yomwe Ukuononga Dziko, I Totally Agree With U Bwana Mpinganjira.

  31. Zanga Phee! says:

    Basically majority rules is what matters most.See my name.

  32. Balamanthu says:

    Mpinganjira forgets that some of know how he got into banking.It was born out of no integrity when he refused to pay over interest earned on the funds meant to purchase shares in one company earmarked for privatization.He reinvested the funds, paid back the capital and kept the interest to start a discount house.Thats not integrity.

  33. vin mongu says:

    finally the bank is on the move. i back the fact that banks should not be govt hands. i think mpinganjira was wrong to go viral and he was unwise. the people have a point in the way transactions were done. but he gave out good information that as parliament wanted a) a special purpose vehicle was set up and recovery of loans will be sent there; b) sale of toxic assets is going on like Mulli assets will be sold off and proceeds sen to SPV, c) MSB will go public in 3 years time which coincides with elections so MPs will not be interested to check it though. so from all angles Malawi won but parliament check this special vehicle oif it operating as expected.

    mpinganjira should know that he was buying a Govt owned bank and that was broiled in bad taxpayer backed loans and this transactions needed public scrutiny. u needed to just say the bank is in safe hands full stop.

  34. I agree with Mpinganjira though I don’t know him. Malawians we are loaded with jealousy. Is he related to one Brown Mpinganjira?

  35. shame on Mps says:

    Ma MP mukukanika kutibweretsera chitukuko ndiye muzilimbanso ndi malawian investor aaaaa mwasowa chochita eti?

  36. Claraa says:

    The sale of MSB was in order especially that a Malawian bought the bank. However, the way Govt handled the transaction leaves a lot to be desired. Thats why there is too much speculation Mr. Thom. Its not out of jealousy per se.

  37. Jelbin mk says:

    Mr Mpinjanjira don’t think we are foolish as you think. Who is going to sell Mulli’s assets because MSB has no any jurisdiction to do so even government doesn’t have the same to do the sale. Mr Mpinjanjira,you can fool some people at some time but you can’t fool all people all the time,since the bank wad sold before the ruling came to effect about mulli’s assets the court outcome was irrelevant because the owner of an institution that mulli borrowed money from was no longer owning the institution so had no any say or jurisdiction to collect those debts therefore mulli was rescued from his debts by the state using taxpayers money. We don’t care how much you have Mr Mpinjanjira but what we care is how could government pay six billion on behalf of crooks and sell the bank at nine billion making a sale of 2.something billion if we subtract 6.something billion from 9.something billion?

  38. Nkhombokombo says:

    Thats Thom, my boy! Just keep on working hard and remain an example to the country of how we should develop our country. Don’t indulge yourself into politics for they will just dent your focus. Jealous will always be there, it was there and should not bother you. Keep the fire burning!

  39. max nsani says:

    Mpinganjira should know that every time he opens his mouth about this he comes out sounding arrogant and full of him self..if I were advising him I would tell him that his statements should dwell on the strength of his bank and investment and assuring people that fdh holdings will revamp msb. He ought to stop attacking people who were against tue sale. This was never about him at all. No one was jealous of him. It seems for all his touted education, integrity and what not he seems to have missed th whole point of the debate and the objection to the sale. There is no jelousy involved here. The bank belonged to Malawians and the MPs represent those malawians. The fact remains that the loans that were given were being written off by the government and the debtors were people with vast resources. The malawian people were being forced to pay for debts of he ruling party cronies. MPs said recover the debts then sell the bank. The other thing is that the hurry with which the government were disposing of this bank was suspicious. People wanted transparency in the whole process. Finally, admit it Mr Mpinganjira, bank mwangotola iyi!! And being a lomwe hasn’t hurt your chances in acquiring this bank. Whether there was no clandestine dealings behind the scenes, only time will tell.Otherwise, stop acting so damn arrogant and get on with it.

  40. malawian says:

    it is very dangerous to our country when only few pipo think they are wise than everybody. don tell me parliament was jealous when you did your business in secret. where is transparency in our country?

  41. chombo says:

    Tizipanga zinthu moopa Mulungu chifukwa ndiye oweruza omaliza tikhoza kuchenjeta kwambiri panopa klma sikali tinyamuka, multi sure a Mpinganjira zones zili bwno simudapondereze a Malawi pogula bakiyi, palibepo katangale mwagwirizana ndi Peter, nanga bwanji osamva za Parliament kuti zioneke bwino ngati zili zachilungamo?? Mukayankha nonse kumwamba posachedwa sikale ayi, akakuweruzani ndi Mulungu

  42. geo stream says:

    Congrats THOM! MCP is angry coz the Lomwes now have a bank. MCP has Press Trust and National bank. This is our time to amass wealth. You amassed yours in 30 years. Indeed mwaoneka zitsiru coz you were quiet when Mppc advertised the sale. I started making noise when the buyer was known to be Mlomwe nzathu. Zitsiru za MCP and CSOs

  43. Mwama Du says:

    Mpinganjira, you hav a problem for not understanding poor Malawians. Our problem is how the bank has been sold despite the buyer is a malawian. Mpinganjira should be told that he cannot cover the insanity, arrogance and theft of APM with his claimed integrity. You just waiste your time and resources on media trying to cover your Peter unless your stupidity tallies.

  44. Just few months ago government pumped in 6billion and you bought it 9billion and Mulli failed to pay 4billion. Now you say Malawians are jealousy of your wealth. Lets wait history will judge us

  45. Lord Denning Chatsika says:

    Can the ODDP investigate the procurement process of the bank mumangothamangira to investigate and shame small abd powerless companies like ADL apa zikukanika bwanji kodi bwana Mawindo send your boys to investiga the sale ngati yinaenda bobo

  46. Lord Denning Chatsika says:

    Wayamba matama let parliament cancel the sale

  47. Ras mafuta says:

    Inu zisandikhuze ndalama zanga ndachotsako kale.

  48. Hitler says:

    “I’m not a person from the street but a person with integrity to serve the nation”???????????

  49. Wapaphata says:

    Indeed makape ma cso ndi.foolish opposition mps are not knowledgeable of anything.let alone economic matters. I concur with mpinganjira kuti anthu.inu jealou but if it was an asian or white person nde mano mweee. Kodi titukuka liti

  50. ndaona says:

    Very true! congratulations Thom, MSB is yours.

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