Standard Bank Malawi takes back Kubwalo-Chaika: K1.3bn payout package scares bank

Standard Bank Malawi has swallowed its pride and took back in employment fired Head of Personal and Business Banking Margaret Kubwalo-Chaika after being scared by her demand for a whopping K1.3 billion payout package.

Margaret Kubwalo Chaika: We are passionate about driving growth for Malawi and Africa

A few months ago, Standard Bank Malawi fired Kubwalo-Chaika from her position on performance related issues and had been discussing with her on a payout for the past three months.

However, sources say Kubwalo-Chaika stood her ground saying she needs K1.3 billion if she has to walk out of the bank.

Apparently, the bank offered to pay Kubwalo-Chaika K200 million for her to walk out.

The bank was so scared with the bill and has since reinstated her as Head of Personal and Business Banking, a position which Charity Mughogho was acting.

“She reported for duties on Monday,” a source at the bank said.

Nyasa Times verified her being back at Standard Bank Malawi after a telephone call at  the Bank head office in Lilongwe asking to speak to her and her secretary said she was in a meeting and would call us back.

She could not however pick up her mobile phone when called later to ask her the basis of her K1.3 billion payout.

Insiders confided in Nyasa Times that Kubwalo-Chaika comeback has raised tension within the management team.

“There is tension in the management team apparently, there are some managers who feel the CEO was being vindictive because Kubwalo-Chaika stood her ground on some important decisions that she took concerning her department and his did not please some bosses at Standard Bank South Africa hence her removal from her position,” said a source privy to the happenings at Standard Bank Malawi.

The development has also revealed how some local managers at Standard Bank Malawi have been abused especially by Standard Bank South African bosses.

There was no comment from Standard Bank Malawi Chief Executive Officer William le Rouxe.

 

Follow and Subscribe Nyasa TV :

Please share this Article if you like Email This Post Email This Post

More From the World

  Subscribe  
newest oldest most voted
Notify of
Dagobert
Guest
Dagobert

She was fired on performance related issues…? Could you please give us more on this, before we discussing an employment issue?
I see a tendency in the private sector, it seems to be a copy what happens in the puplic sector, where employees provoking dismissal from there jobs for the sake of getting a hefty compensation.
It might be one of the reason of reluctance concerning creating more employment in general?!

Che-Mbaluku
Guest
Che-Mbaluku

the word might goes with speculative talk. you don’t know for sure what the Employer and Employee terms of contract were. Itsbest to just look and read through some of these issues than to speculate…

Vyanunkha
Guest
Vyanunkha

Mzimayi odula kuposa Maliseche uyu, lol. Maliseche ku account kwake kunalowa 145 mils yokhatu

Dyakumusi
Guest

Kutchula APM osalakwa

Moi
Guest
Moi

So Mulli’s claim is not out of this world!

Nduzayani
Guest
Nduzayani

Bravooo aunt Maggie you’re an inspirational to all Malawians .We need such courageous ladies who stand and say to these nosense from foreigners.Teach them that we are human beings.Work and don’t entertain any stupidity there at the bank.Bravoooo

BigMan
Guest
BigMan

Mk1.3 billion payout. Koma anthu akunjoyatu pa town.

CEDAW
Guest
CEDAW

So her removal was a form of violence against women? Kubwalo-Chaika should refuse her reinstatement and insist on the K1.3billion settlement. Njoka ndi njoka, olo muyichose mano tsiku lina akamera izalumanso. Njoka saweta mayi………

auto teller
Guest
auto teller

I agree with you. Once she goes there, they will frustrate her so much that she will leave on her own without even the K200 million. I know the corporate world especially South African male dominated ones.

Kalulu Wadwala
Guest
Kalulu Wadwala

Koma kuthamangira kugulitsa clients houses at give away prices to members of staff. A stinking bank

Mlovi wapa Nkhata
Guest
Mlovi wapa Nkhata

Chaika. thats good. we should know our rights…..

#DzukaniAmalawi
Guest
#DzukaniAmalawi

I have said this and will say it again; we Malawians need to up our game when it comes work ethics and service delivery. Have dealt with Margaret just after she was appointed and had concerns about her competence especially having been exposed to Standard Bank SA performance expectations. Its a ruthless world out there and don’t think Malawians have been exposed to such high standards of performance. This should be a message to all those workers in Malawi to rethink the way the work and deliver services to its customers. Malawians are so relaxed and have the “don’t care… Read more »

Drake
Guest
Drake

Not true , you can not generalise that Malawians are lazy people, I have travelled accross SADC and in RSA you will see bad behaviours and laziness at its best. If you have ever flown to OT Airport, the workers are arrogant and Lazy, they steal from peoples packages. There are factors motivates people to work hard, if people are underpaid without good benefits expect people not to workhard, stealing. Standard Bank pays Malawians very low salaries

Mulomwe
Guest
Mulomwe

It is true that Malawians, most of them, are lazy. I am an employer myself who has a number of Malawians working for me. In order to get results, I have to micromanage my employees which is unfortunate. I have had to fire a lot of them because of the laziness..

Bingiza
Guest
Bingiza

I beg you to remove Nigerians from the list of benchmark.

Ex Banker
Guest
Ex Banker

Bravo Magret ma bank asamazolowere

More From Nyasatimes