Tags: MSB

IPMM backs Mpinganjira

  Institute of People Management Malawi (IPMM), a professional grouping of human resources practitioners, has backed FDH Financial Holdings Limited, new majority shareholder in previously wholly State-owned Malawi Savings Bank (MSB), for not giving the bank’s employees terminal benefits upon takeover. IPMM president Chrispin Chikwama gave the position when he called on Tuesday in reaction…

Mpinganjira: No fresh contracts for MSB staff

  FDH Financial Holdings Limited says employees of its new acquisition, the previously wholly State-owned Malawi Savings Bank (MSB), will not get fresh employment contracts as they have been carried over. But a human resources expert has faulted the arrangement, saying MSB employees should start afresh under their new employer, FDH Financial Holdings Limited. The…

Court stops sale  Of mulli property

Tthe Supreme Court of Appeal in Blantyre yesterday set aside a High Court judgement that allowed Malawi Savings Bank (MSB) to sell property belonging to Mulli Brothers Limited (MBL) to recover a K3.3 billion loan. The Supreme Court, therefore, ordered that a consent order, as per agreement entered between MSB and MBL to reschedule payments…

Commodification of state resources is not a way out

It seems like in Malawi we have found a solution to government’s perennial failures in running public services: privatise everything. Selling ‘failing’ public entities is now an easier substitute for our government’s lack of efficiency in running and managing state assets. Malawi Savings Bank (MSB) is sold. Indebank is sold. Now we are mulling over…

MPINGANJIRA OUTLINES MSB TAKEOVER PLAN

FDH Financial Holdings Limited, new majority shareholder in the previously wholly State-owned Malawi Savings Bank (MSB), says it will not rush to take over the operations of MSB as it awaits regulatory approvals from the Reserve Bank of Malawi (RBM). In an interview last evening, FDH Financial Holdings Limited chief executive officer Thomson Mpinganjira said…

Committee wants govt to recapitalise MSB

The Budget and Finance Committee of Parliament has recommended that government should recapitalise Malawi Savings Bank (MSB) to enable it meet regulatory requirements on capital and liquidity that authorities once put at around K23 billion (US$5.1 million). The recommendation comes as Capital Hill is reportedly in the final stages of wrapping up a deal to…

MSB POSTS K2.5BN PRE-TAX PROFIT

Wholly State-owned Malawi Savings Bank (MSB), currently undergoing a recapitalisation process that will see government diluting its shareholding, has posted a pre-tax profit of K2.5 billion (US$6 million) between January and May 2015. This represents a 221 percent increase compared to the same period last year when profit before tax was K773 million (US$2 million).…

MSB speaks on risk profile

Wholly State-owned Malawi Savings Bank (MSB), currently undergoing recapitalisation process that will see government diluting its shareholding, has said the substitution of its toxic assets with promissory notes has improved its balance sheet and risk profile. MSB chief executive officer Ian Bonongwe, in an exclusive interview with Business News in Blantyre on Wednesday, said the…

Exclusive: Malawi Govt settles Mulli’s K5bn loan, 12 others at MSB

The recent K6 billion promissory notes government has decided to issue to Malawi Savings Bank (MSB) for the so-called toxic assets is in fact a bailout for private individuals and companies that failed to service their loans at the State-owned bank. This basically means that cash-strapped Capital Hill—which is struggling to even buy the most…

Four Malawian banks fail to meet Basel II capital

Four of the Malawi’s 11 commercial banks were by June 30 yet to meet the new capital requirement of $5 million (about K2 billion) under Basel II, the Reserve Bank of Malawi (RBM) has said, clearly signalling their capital inadequacy. The second of Basel Accords issued by the Basel Committee on Bank Regulations, rolled out…

Banks ready to support Mtalimanja rice project

Mtalimanja Rice Project chief executive officer Richard Kamchacha has disclosed that three commercial banks have shown interest to fund the organisation after being impressed with the progress so far made at the rice scheme. According to Kamchacha, the banks that have shown interest include National Bank and Standard Bank while Malawi Savings Bank (MSB) already…