State-owned commercial bank, the Malawi Savings Bank (MSB), has restructured its top management in a major shakeup that has seen some departments abolished in a drive to turnaround fortunes after poor performance.
Through an administrative notice number 152 announcing the changes, MSB chief executive officer Ian Bonongwe said there is need to reposition the bank more strategically in the market to grow its business through effective marketing and superior delivery of its banking products and services.
In the notice, which The Nation has seen, Bonongwe said employees of the bank are aware of the challenges facing the institution; hence, the need to take measures to turnaround the situation.
Among other changes, former MSB head of human resources and administration/company secretary Haston Chamba is now head of human resources whereas Fanuel Kumdana, who was head of operations, is now head of administration and support services.
On the other hand, Francis Kam’malere, who was head of corporate banking, has taken over Kumdana’s position as head of operations while Teddie Chanza, who was head of retail and business banking, now heads the corporate banking division.
Further, former finance manager (management accounts) Million Hera is now senior treasury and international trade manager whereas finance manager (reconciliation) Hilarious Nampota is now finance manager (management accounts and call report) and corporate affairs and marketing manager (retail and business banking) Brenda Chilima is now business development and marketing manager with international trade manager (corporate banking department) Remi Mussa becoming human resources development consultant (foreign and international trade).
However, following the changes, some disgruntled MSB staff have, through a six-page anonymous letter seen by The Nation, accused the bank’s leadership of poor management which they said is plunging the institution into a loss maker.
The changes come against a background of Bonongwe’s statement published in the latest edition of the Malawi Banker, a business consumer magazine for banks and financial institutions, in which he suggested that government should dilute its share ownership in MSB.