Standard Bank Malawi Limited has appointed Andrew Mashanda as the new chief executive officer (CEO), taking over from Charles Mudiwa who has been assigned other duties within the Standard Bank Group. Mudiwa worked in Malawi for six years.
A statement from the bank says Mashanda brings with him vast managerial and corporate experience having worked in senior positions in banking and media across Africa.
Before his appointment as the CEO for Standard Bank in Malawi, Mashanda was working as regional head of operations for Standard Bank Africa responsible for Uganda, Zambia, Tanzania, Kenya and Malawi and was based in Nairobi, Kenya.
“As regional head of operations, he was responsible for overseeing retail banking operations, treasury operations, payments, international trade, equity broker operations among others in these countries,” says the statement.
Prior to his joining the Standard Bank Group, Mashanda worked as a regional accounting manager for Placer Dome Exploration (Africa-Eurasia) Limited; as an internal lead auditor for World Vision International Zimbabwe, South Africa and USA; managing director for Big Media Publishers (Pty) Limited in South Africa and also as CEO for FNB Corporate Electronic Banking in South Africa.
Within the Standard Bank Group operations, Mashanda has held various executive positions which included the positions of director, strategic projects and initiatives for Standard Bank Group in South Africa and director and head of transactional products and services in Stanbic IBTC Bank in Nigeria.
“In line with the Standard Bank vision, I look forward to working with various stakeholders in Malawi, adding value to the Standard Bank business, and in turn contributing to the development of Malawi,” Mashanda, who holds a Bachelor’s degree in Computer Science from the University of South Africa, was quoted as having said.
Standard Bank Malawi—listed on the Malawi Stock Exchange (MSE)—has just posted a K5.6 billion after-tax profit in the half year ended June 30 2013, a 33 percent jump from last year’s K4.2 billion, which is in line with its earlier forecast.
According to the results for the six months ending June 30, the bank’s assets that include cash and balances with Reserve Bank of Malawi, trading assets, financial investments, loans and advances to banks and customers, property, plants and equipment and deferred tax asset, jumped 33 percent to K128.9 billion from the previous year’s K97.1 billion.