FDH Bank managing director Phillip Madinga has resigned from his position, The Nation has learnt.
The development comes at a time when FDH Financial Holdings Group—the parent company of FDH Bank which acquired 75 percent stake in the previously wholly State-owned Malawi Savings Bank (MSB) in July—has sent four of MSB senior managers, including former chief executive officer (CEO) Ian Bonongwe, on an indefinite suspension.
In a statement released on Thursday confirming Madinga’s departure, FDH Financial Holdings Group said the former MD will be replaced by Laston Chilando in an acting capacity.
“FDH Bank would like to announce the appointment of Mr Laston Chilando as the acting managing director with effect from November 30 2015.
“This appointment is in replacement of Mr Phillip Madinga who will be leaving FDH Bank to pursue interests outside the FDH Financial Holdings Group,” reads the statement in part signed by board chairperson Eric Sankhulani.
The statement said Chilando will act until a substantive appointment is made.
Chilando is the current head of human resources and is a specialist and generalist human resource professional as well as an expert in strategy formulation and execution, according to the statement.
“He has previously worked in Lesotho and South Africa in addition to Malawi. Laston joined the Group in March 2015 having worked for various multinational organisations with an impressive track record,” Sankhulani said.
Madinga, a Stellenbosch University MBA holder, is well known in the banking sector for his strong leadership credentials.
He served in top positions as head of corporate banking at Ecobank (formerly Loita Investment Bank) between 2002 and 2005 before joining Standard Bank Malawi Limited as director of corporate and investment banking and later joined FDH Bank.
Madinga declined to comment when contacted by The Nation on Thursday. n