Madinga appointment as CEO of Standard Bank to wait for Reserve Bank of Malawi approval

The appointment of Malawian seasoned banker, Phillip Madinga, as Chief Executive  Officer (CEO) for Standard Bank-Malawi,  has not gone through yet, as the commercial bank said it will wait for Reserve Bank of Malawi (RBM) approval as  a procedure.

Madinga, who is Head of Personal and Business Banking at Standard Bank, is tipped to be the new CEO.

But  Standard Bank board chairperson Dr Ngeyi Ruth Kanyongolo, said in a statement on Thursday that William Le Roux, a South African, who is the current CEO, will leave the bank in December 2020 at the end of his contract.

“The Board of Directors will announce a successor to Mr le Roux as soon as all processes and procedures relating to the appointment are finalised,” said Kanyongolo in a statement made available to Nyasa Times.

Standard Bank, a subsidiary of South Africa’s Standard Bank Group, Africa’s biggest financial services provider by assets, said it will use its formal medial channel to announce executive appointments.

Madinga returned to Standard Bank in January  from NBS Bank plc where he was  chief commercial officer.

Before joining NBS Bank plc , Madinga made a surprise resignation from FMB Bank plc where he was Group General Manager for Corporate and Commercial Banking.

He is  a former Managing Director at FDH bank before moving to FMB Bank and then NBS Bank plc.

Madinga holds a bachelor of Social Science, Economics from the University of Malawi, bachelor of Business Administration (Honours) from Stellenbosch Business School and a Master of Business Administration from University of Stellenbosch Business School.

He has held senior positions in different institutions. From 2002 to 2005, he was Head of Corporate Banking for Ecobank, previously known as Loita Investment Bank.

In 2005, he was appointed Head of Corporate and Investment Banking for Standard Bank, a position he held until 2008 when he was promoted to Director for Corporate and Investment Banking until 2013.

In 2013, Madinga left Standard Bank to join FDH Bank as it’s Managing Director.

In 2016, he left FDH Bank and joined First Capital Bank, then known as First Merchant Bank, as its Group General Manager responsible for Corporate and Commercial Banking.

A year later, in 2017, Madinga left First Capital Bank to Join NBS Bank as Chief Commercial Officer.

In January this year, he left NBS Bank to return to Standard Bank as Head of Personal and Business Banking, a post he has held for 7 months until his recent appointment as the Bank’s Chief Executive Officer.

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