National Bank ready for election period, plans accordingly

National Bank of Malawi (NBM), the Malawi Stock Exchange (MSE)—listed largest bank in terms of assets, says it is ready for the “intricacies” of an election period and have planned accordingly.

Malawians will on May 20 go to the polls to choose a president, members of Parliament and councillors in a tripartite election, the first in the post-multiparty era.

Usually, an election period brings with it uncertainties in terms of economic policy and direction because investors are not particularly certain who will assume the reins of power and the economic policy to be pursued thereafter.

Economic commentators are not sure if there will be a policy reversal in terms of monetary and fiscal if a new government comes in, or if there will be a consolidation of the existing reforms, should the status quo remain.

The country’s parties have not released their manifestos, an outline of their plans that will guide investors on the economic policy and direction after the elections.

But NBM chief executive officer George Patridge, speaking in a recent interview, said whatever they are doing, they have the elections at the back of their mind.

“We anticipate certain issues on monetary and fiscal policy and, therefore, all our strategies are geared towards planning for this election to happen,” he said.

Patridge said the bank, one of the blue chips on the local bourse, is healthy to withstand all the pressures brought about by the elections.