FMB Capital Holdings Group (FMBCH), the Mauritius-based holding company of First Capital Bank Malawi, hhas announced the departure of its Group Managing Director, Dheeraj Dikshit following his decision not to renew his contract which expires on October 31 2020.
A communication from the board of directors indicated Dikshit is leaving on personal grounds and his departure is effective 1 November 2020.
One of the most formidable names in the industry, Dikshit joined the FMB in 2011 as the Managing Director for First Capital Bank Malawi (then First Merchant Bank plc).
He rose to assume group responsibility as Group Managing Director in December 2017.
Terence Davidson, Group Board Chairman said Dikshit was part of the leadership that “drove the phenomenal growth of the organization” over the past nine years.
“Some of the major milestones that the business attained during his tenure with the group include the acquisition of the International Commercial Bank’s operations in Malawi, Mozambique and Zambia in 2013, acquisition of the Opportunity International Bank Malawi in June 2017, listing of FMBCH on the Malawi Stock Exchange, acquisition of 81% shareholding in the holding company of Barclays Bank of Zimbabwe in December 2017,” he said.
In 2018, the bank successfully adopted one common name and by 2019 all the group’s banking operations had rebranded to First Capital Bank.
“In order to ensure continuity and smooth running of the business, the Board has appointed Mr. Mahendra Gursahani, who is currently a non-executive director of FMBCH to assume the role of Interim Group Managing Director with effect from 1 November 2020 until a substantive leader is appointed,” Davidson said.
Gursahani is a qualified Chartered Accountant, a holder of Bachelor of Commerce degree and an accomplished career banker.
Most of Gursahani’s professional career has been with Standard Chartered Bank where he served as the CFO in a number of countries and the CEO of their bank in Malaysia.