Malawi Savings Bank(MSB) has announced plans to inject MK 3.2 billion for the bank to achieve the requirements of the Basel 2.
In an email interview on the future of MSB, Head of Marketing at Financial Holdings Limited, Sobhuza made it clear that there will be ernomous investment at the bank.
Ngwenya,said there will
There will be more investment in the process of recapitalizing the bank.
“As you might be aware, MSB has now moved from government control to private sector control. One of the major changes will be the speed of decision making. Decision that would take long for government as the only shareholder, will now be taken instantly because of the private sector control.” Said Ngwenya.
Ngwenya said MSB joins the FDH Family which has seen tremendous growth since inception in 2008.
This shows that there is definitely some things that we are doing right for our customers.
“We will share the same expertise with our new family member so that we can provide exceptional customer experiences for current and new customers of MSB.”
Ngwenya promised that FDH will not close any branches at the moment.
“MSB will continue to operate all its outlets as they are now. In the process of integration, we have drawn up a plan that will ensure that we use all our current outlets either in their existing form or to offer new services to our customers.
How many workers are you going to fire so that you can have manageable figure.”
Asked how many members of staff will be fired, Ngwenya said at the moment, the company will not kick anyone merely because of this transaction.
Government sold MSB to FDH in a controversial manner.
Members of the Civil Society have been holding demonstrations asking government to reverse the sale but government clinched the deal.