Unexpected heavy down pour on Monday in Blantyre and the subsequent flooding of Limbe stream forced FDH bank to remain closed on Tuesday. The bank says in statement water flooded into its banking hall and did some damages which needed maintenance. The bank said it would open on Wednesday. The Monday late afternoon heavy rains […]
Malawi Savings Bank (MSB) has suspended its former chief executive officer (CEO) Ian Bonongwe and three of its senior managers, ordering them not to visit any of the bank’s premises. According to a letter dated November 10 2015 signed by MSB head of human resources Richard Kunjawa, the bank, which until July this year was […]
The once government-owned Malawi Savings Bank (MSB) is expected to change its name to FDH Bank once it has fully been integrated with the FDH Bank, the bank official has revealed. FDH Bank and MSB are currently under the integration process after FDH Financial Holdings Limited bin July this year acquired majority shares of the […]
After completing the 75 percent shares buyer of Malawi Savings Bank (MSB) from government, Thom Mpinganjira, FDH holding’s Chairperson has been on PR campaign engaging in almost every media house giving interviews and mostly well cheorographed to suit his notes with the latest being on Times TV when he accused some MPs, Civil Society Organizations […]
It is easy to celebrate. After all, who doesn’t like a good party? I have observed, however, that parties are often a distraction, something to divert our minds from matters that need our attention. I have seen couples go for anniversary dinners when there are issues between them that need addressing- in the hope, perhaps, […]
The Press Release from Government updating on the sale of Malawi Savings Bank (MSB) and Indebank emphasises that Malawians may wish to know that Old Mutual owns a part of FDH Bank. My question then is how much does Old Mutual actually hold in FDH? Is it a controlling stake (10% or more)? I ask […]
It’s now official, government has sold Malawi Savings Bank (MSB) sold at K9.5bn ($21.1 million) while Indebank has been sold at K6.7bn ($14.9 million). MSB has been sold to FDH Financial Holdings Limited whose chief executive officer is Thom Mpinganjira. The signing ceremony toook place on Thursday in the capital Lilongwe which saw Finance Minister Goodall […]
Government has gone ahead to sale the wholly State-owned Malawi Savings Bank (MSB) after posting a pre-tax profit of K2.5 billion (US$6 million) between January and May 2015. Malawi Congress Party (MCP) claimed on Wednesday that government have secretly proceeded to sale the bank to the only bidder FDH Financial Holdings Limited of Thom Mpinganjira, […]
FDH Financial Holdings Limited chief executive officer Thom Mpinganjira has fended off talk that the company has completed the process of buying wholly State-owned Malawi Savings Bank (MSB). Mpinganjira said on Thursday that the process is continuing. He rejected reports which went viral on news websites and social media on Wednesday that government secretly proceeded to sale […]
Malawi government has organised “an open forum” on Monday 22 June, 2015 in Lilongwe where a cross section of people have been put on the attendance list to discuss the Malawi Savings Bank (MSB) controversial sale. Government, the sole shareholder in MSB, has put the bank up for sale with only one preferred bidder FDH […]
High Court judge Kenyatta Nyirenda has ruled in favour of government to proceed with the controversial sale of State-owned Malawi Savings Bank (MSB) but the MSB employees, through their lawyer Lusungu Gondwe, have said they will consider an appeal against the ruling. MSB employees obtained an injuction stopping Public Private Partnership Commission (PPPC)to complete the […]
The cash-strapped Malawi government—which is struggling to even buy the most basic of drugs for its people—has committed K6 billion taxpayers’ money to repay loans that 13 private sector players took from the now ‘for sale’ Malawi Savings Bank (MSB) and failed to repay, it has been reported. Of the total giveaway, roughly 83 percent […]
Malawi government is writing off the loans obtained at state-owned Malawi Savings Bank (MSB), most of which were borrowed by private businesses and individuals who are financiers of the ruling Democratic Progressive Party (DPP). Treasury has asked the Reserve Bank of Malawi (RBM) to issue K6 billion promissory notes to take the toxic loans off […]
The controversial sale of Malawi Savings Bank (MSB) has been suspended following a court order stopping the transaction, the Public Private Partnership Commission (PPPC) has confirmed. Ministry of Finance, Economic Planning and Development, through the Public Private Partnership Commission (PPPC), was set to conclude sale of between 51 and 75 percent shareholding in the bank, following […]
The Budget and Finance Committee of Parliament wants Capital Hill to ensure that non-performing loans are collected first before authorities sell 49 percent, not 75 percent, of the State-owned Malawi Savings Bank (MSB). In an eight-page report dated March 23 2015 the parliamentary committee chaired by Ron Chiphiko wants government to help MSB board and […]
High Court has granted a temporary restraining order stopping the controversial sale of Malawi Savings Bank (MSB). Ministry of Finance, Economic Planning and Development, through the Public Private Partnership Commission (PPPC), is set to conclude sale of between 51 and 75 percent shareholding in the bank, following failure to recapitalise it and adhere to regulations requirements […]
Finance, Economic Planning and Development Minister Goodall Gondwe has assured Malawians, mainly Malawi Savings Bank (MSB) customers that the bank will not be closed by March 31 2015as claimed by some media reports. According to the Minister, despite the on-going search for a strategic investor, the MSB will continue to transact business normally. “The fears that […]
Minister of Finance Economic Planning and Development, Goodall Gondwe, has said the state-owned Malawi Savings Bank (MSB) is not being sold at at K8000 million , saying government is requesting strategic investors to buy a controlling stake in the bank in which the government owns 100 percent of its shares. Gondwe disclosed to reporters in […]