Standard Bank honours ex-chair with K33m school

Standard Bank will build a junior primary school at Che Januare Village in Chiradzulu in honour of the contributions of the banks former chairman Alex Chitsime. The infrastructure is worth K33 million and comprises two classroom blocks.

Standard Bank boss Mashanda (l) and Chitsime

Standard Bank boss Mashanda (l) and Chitsime

Ground-breaking ceremony at the school’s construction site

Ground-breaking ceremony at the school’s construction site

During his decade-long tenure as chairman, Chitsime took Standard Bank to the top of the market in terms of profitability, a position the Malawi Stock Exchange-listed bank has maintained. He retired in 2014 and was replaced by Dr Rex Harawa, another eminent business executive.

Speaking at the ground-breaking ceremony at the school’s construction site, Chitsime said the K33 million invested by Standard Bank has demonstrated the institution’s commitment to the country’s socio-economic welfare.

“I am so grateful and indebted to Standard Bank. I never expected that a project of this magnitude would materialise in my home village. Standard Bank’s undying quest to make lives better distinguishes it from other banks,” he said.

Chitsime said the junior primary school represents a treasure for the people of Che Januare as it will mould future leaders of the country.

“This is no ordinary gift. Its impact will last over a life time and I share my joy with a whole constituent of ambitious children and parents,” he added.

The bank’s Chief Executive Andrew Mashanda waxed lyrical of Chitsime’s positive contributions to the financial institution saying he took the bank’s profitability from a low base to the top of the market as one of the top two banks in Malawi.

“He was very exemplary. We can never write history of the growth of Standard Bank in Malawi without the name of Mr Chitsime in it,” he said.

In her remarks, Principal Secretary for Basic and Secondary Education in the Ministry of Education Thoko Banda thanked Standard Bank for contributing to the reduction of shortage of classroom space that the government faces.

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30 thoughts on “Standard Bank honours ex-chair with K33m school”

  1. angoni says:

    33m. Direct costs. 5m
    Indirect costs. 3m
    Administration cost. 25m

    Total. 33m

  2. ka hai says:

    Mombera University @K100m, JP in CZ @ K33m. Convince me.

  3. kalanda says:

    Are arguing on facts ,technical expertisee on construction cost or just bluffing?we need to ask first whats the breakdown for that sum there is alot involved in a construction project

  4. dembere says:

    Comment schoolgate

  5. Namacherenga says:

    May be these are skyscrapers, kkkkk, what a joke!

  6. I also will do something when I retire osati za a Chitsime’zi who was supposed to dish out all the 33 million from his own pocket and not the dubious net profits that the bank milks its customers

  7. KARU UNITED says:

    Ma buloko awiri,33 milliyoni kwacha? zandiopsya! ndimafuna kuyamba kumanga nyumba yanga yogona yazipinda ZITATU,ndasiya.

  8. Aseleka says:

    Thats great

  9. GUANTANAMO says:

    K33m should build a complete school. Let’s be realistic, ndalamayi ndiyochuluka

  10. Chief examiner says:

    May be there will be some modern technologies or something in the class rooms who knows?

  11. ujeni says:

    What does it mean in Malawi when you say CLASSROOM BLOCKS? Ive seen one classroom being called a block. Can we be part of the international community and be specific, if K33m is for two classroom say so if its for 10 classrooms say so too rather than building two rooms and you call it a school, Malawi what a dull country.

  12. Unango says:

    A Chitsime, thanks for the heart for development. Koma akupatseni MK33, Million and you build on your own, iposa 2 blocks, koma ku Malawiiii pena paliponse tisolole basi???

  13. Makiu says:

    if the same was done to the president they would have said it was nepotism.

  14. belekiya says:

    If K33 m can build only 2 blocks then education is extremely expensive

  15. wanted says:

    Two class rooms at k33m.This is another cashgate

  16. John Kamwendo says:

    Is it 2 blocks with 2 class rooms each or I block with 2 classrooms ?

  17. Mwama Du says:

    Tawonga kuti mwamba ndimwe uzengi uwu. Boma likuthondeka kwambiska vitukuko vyantheura.

  18. John Kamwendo says:

    Koma zoona ma block a awili 33 million? Nanga sukulu yonse igafika bwaji?

  19. Nga nester says:

    NBM reported a profit of K14bio and Standard Bank of K12bio in 2014. And yet the articles says Standard Bank is the most profitable bank in Malawi. Nyasatimes pls cross check your facts before publishing. Otherwise Mr Chitsime is a great man and did commendable work but your failure to cross check weakest a good story

  20. Sangwani Mkandawire says:

    exellent!what about some other banks,there busy with cashgate no dreaming of developing this country shame!

  21. Tawonga Phiri. says:

    Two blocks for Mk33 million is a classical example of wastefulness of resources and a sign of corruption at its best. Private sector manage these resources better. Please do not follow cashgating tactics.

  22. Takalala Chisale says:

    Anthu akuba awa. How can 2 blocks cost K33mn. Cashgate. ACB ntchito yapezekatu apa

  23. WANDANI says:


  24. che guevara says:

    33 million kwacha should be a full proper primary school complete with 1 or 2 teachers houses.

  25. matthews says:

    thats good development

  26. bizwek Pakhala says:

    What type of 2 classroom blocks can cost 33 million kwacha? Ndiye MUST I kanakhala zingati? Maybe 33 trillion kwacha???

  27. zagwazatha says:


  28. kadamanja says:

    2 blocks only for K33million zoona?

    1. Kokotowa says:

      Makape inu mungobwebweta mukuudziwa mtengo wa njerwa, quarry, drum ya madzi, cement
      , lime, ring beam, marshes a chikangawa

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