Gondwe with new savings ban owner Thom Mpinganjira

Gondwe with new savings ban owner Thom Mpinganjira

LILONGWE  – The Malawian government has disposed of 75 percent of its shareholding in the state-owned Malawi Savings Bank (MSB) and Inde Bank, Finance Minister Goodall Gondwe announced Thursday.

Gondwe told journalists in the capital Lilongwe that the shares in MSB have been sold to Financial Discount House Holdings while those in Inde Bank were sold to National Bank of Malawi.

“Following this development, government shall proceed with the selling of its shares to the winning bidder and reserve the remaining shares of 25 percent for the public,” he said.

He assured the public that the shares especially in MSB would not in any way result in closure of any branches of the bank currently operating throughout the country.

However, the MSB faced resistance from the stakeholders, including Parliament opposition parties and the civil society organizations.