Renowned and experienced banking guru Phillip Madinga is destined to join NBS Bank, just weeks after his surprise resignation from FMB Bank plc where he was Group General Manager for Corporate and Commercial Banking.
Insiders said Madinga will be joining NBM bank after a three month ‘garden leave’ to join in the business section to help revamp and turn around the bank’s business.
NBS Bank is currently undergoing through ‘a rights issue’ with an aim of raising money to increase its operating capital as per banking requirements.
“He is joining NBS Bank and we thought he is the right person to turn around the bank’s business owing to his experience,” said one of the directors of the bank who did not want to be mentioned.
On which specific position will Madinga get once he joins NBS Bank, the director was non-committal advising Nyasa Times to wait for an official communication on the matter.
But insiders disclosed that Madinga will be the Deputy Chief Executive Officer of the bank.
Madinga, a former Managing Director at FDH bank before moving to FMB Bank will join another youthful banker Kwanele Ngwenya who was appointed Chief Executive Officer for NBS Bank a few months ago, replacing Bernaddete Mandoloma who has since retired.
He could not be reached for comment as his phone went unanswered after several attempts.