Lilongwe, March 19: Minister of Finance Economic Planning and Development, Goodall Gondwe, Thursday said government was not putting Malawi Savings Bank on sale, but that they were seeking interested investors to partner with.
Addressing members of the press in Lilongwe, Goodall Gondwe said government had decided to withdraw from being dominant shareholder of the bank to improve the operations of the financial institution.
“The interest is to run the bank in a more efficient way,” said Gondwe. “All the countries out there did the same with their postal savings banks and they are doing fine.”
The minister refuted media reports that the bank was going to be sold at K800 million and he disclosed that First Discount House (FDH) had offered K4.9 billion for 79 percent of the bank’s shares.
Gondwe said he had had meetings with parliamentarians on the matter but he emphasized that the lawmakers had nothing to do with the issue.
According to Gondwe, the discussions and proceedings regarding the partnership of the bank is supposed to be through by March 31st, 2015.
“The Registrar has given us up to 31st of this month (March)or else we risk the closure of the bank,” he said.
