BLANTYRE-(MaraviPost)—Renowned banker Phillip Madinga, who few months ago made headlines in the country’s media after revelation that he was getting K8.7 million per month at First Merchant Bank (FMB ), has left the the bank.
Madinga joined the bank in 2016 as Group General Manager, Corporate and Commercial banking.
An in-house circular no. FMB/HR/NK/13/17 dated 7th June 2017 and signed by Group Managing Director Dheeraj Dikshit notifies Group general Managers, Heads of Departments and line mangers of Madinga’s exit.
“It is with sadness and gratitude that the Board of Directors and Executive Management announce Phillip Madinga’s departure as Group General Manager, Corporate and Commercial Banking, effective 7th June 2017.”
“Phillip joined FMB Group at the beginning of 2016 and worked dedicatedly giving his best in his field of work. We want to thank him for his dedicated service which involved many significant accomplishments,” reads the circular in part.
Madinga confirmed in a brief interview with local media of his departure but could not be drawn to comment further.
Madinga is leaving just months after a leaked document which revealed salaries of employees at FMB which revealed that some bank employees were receiving as little as K40,000 a month and Madinga himself was one of the highest paid at K8.7 million per month.
FMB has just announced that it has acquired controlling stake in Barclays Bank Zimbabwe to extend its footprint in the region on top of Zambia, Botswana and Mozambique.