Malawi Savings Bank customers have been assured of continuity of the bank’s operations despite the on-going search for a strategic investor.
Minister of Finance and Economic Planning and Development Goodal Gondwe has made the assurance following media reports that the bank will be closed by March 31, 2015.
According to the minister, the bank will continue operating normally.
“The fears that the bank will be closed by 31st March 2015 are not true and are based on a misrepresentation of facts by the local media on the implication of failure to comply with capital adequancyr equirements.
“Contrary to those views, the bank shall continue its operations. The search for a strategic investor is aimed at strengthening its capital position to enable it competes favourably on the market,” Gondwe was quoted as saying by the online outlet.
Government is searching for a strategic investor to buy a controlling stake in the bank in which government owns 100 percent of its shares.
However, parliamentarians voted against the sale of the bank.
Recently, junior staff of the bank petitioned the president demanding an immediate removal of the Chief Executive Officer (CEO) arguing he is the one responsible for the bank’s financial problems.
The junior staff accused the CEO of incompetence and nepotism.
