FDH Bank appoints George Chitera Acting Managing Director
FDH Financial Holdings Limited (FDHFHL) Group has appointed George Chitera, a renowned Chartered Accountant, as Acting Managing Director of the bank.
Before the new appointment, Chitera, an experienced banker, was serving as the groups deputy Managing Director and his elevation to the pinnacle follows the retirement of the bank’s Managing Director and former Reserve Bank of Malawi (RBM) governor, Dr Ellias Ngalande on 30 June 2021.
In a statement, FDH Bank plc Board Chairperson Charity Mseka said Chitera’s appointment is effective from 1 July 2021.
“The Board of Directors would like to extend a huge vote of appreciation to Dr. Ngalande for his enormous contribution to the growth and success of FDH Bank Plc which include leading and guiding the Bank to list on the Malawi Stock Exchange on 3 August 2020.
“The Bank wishes Dr. Elias Ngalande a restful and prosperous retirement,” said Mseka in the statement.
Until his appointment, Chitera was serving as FDH Bank Plc Deputy Managing Director.
He previously also served as Acting Group Chief Executive Officer and Chief Finance Officer for FDH Financial Holdings and FDH Bank Plc.
Chitera joined FDH Financial Holdings in 2007 and has over 17 years extensive professional experience in leadership, business development, strategy formulation, corporate finance, financial planning and analysis, strategic planning, banking, risk management, capital allocation, debt structuring, treasury and tax planning.
“Mr. Chitera has been a key member of Management in the Group and before joining the Group, he worked with Reserve Bank of Malawi for three years and has served on the Boards of Lilongwe Shopping Mall and Women’s Legal Resource Centre.
“Currently he serves on the Boards of Medical Aid Society of Malawi (MASM), Mwaiwathu Private Hospital, First Discount House Limited, FDH Money Bureau Limited and MSB Properties Limited,” said Mseka.
Chitera is a Fellow of the Association of Chartered Certified Accountants (FCCA), a member of the Institute of Chartered Accountants in Malawi (ICAM) and holds a Master of Business Administration Degree from the Polytechnic, University of Malawi.
He is a graduate of the Executive Development Program from the prestigious London Business School, United Kingdom and University of Stellenbosch Business School, South Africa.
“We congratulate Mr. Chitera on his well-deserved appointment and wish him well as he takes up this challenging role,” said Mseka.
FDH Financial Holdings Limited (FDHFHL) is a diversified investments and financial solutions centre with interests in Banking, Discount House Operations, Forex Bureau operations, as well as Investment Management and Advisory Services.
FDHFHL was established in November 2007 as part of the group restructuring to replace First Discount House Limited (FDH), as the holding company of the FDHFHL Group. FDH was incorporated in accordance with the Companies Act on 8 March 2000 and commenced operations on 8 April 2002.
The company, a Malawian wholly owned commercial bank, was established in 2000 through a partnership that included Dr. Thomson Mpinganjira, a respected local businessman and the first Managing Director of the Company, Press Corporation Limited, Old Mutual Life Assurance (Malawi) Limited and Kingdom Financial Holdings Limited of Zimbabwe.
FDH Bank commenced its operations in Malawi in July 2008 and the merged bank has over 500,000 active banking customer accounts with over 50 branches across the country – and was founded as a subsidiary of FDH Financial Holdings Limited (FDHFHL), a financial holding group, formed in 2007 to replace First Discount House Limited (FDH).
In July 2015, FDH Financial Holdings Limited successfully acquired 75 percent ownership of Malawi Savings Bank, together with its subsidiary MSB Forex Bureau Limited.
A year later, in July 2016, FDH Financial Holdings Limited completed the merger of FDH Bank Limited and Malawi Savings Bank Limited (MSB).
The FDH Financial Holdings group has five subsidiaries and these include; FDH Bank plc, FDH Money Bureau Limited, First Discount House Limited, FDH Advisory Services and MSB Properties Limited.
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