BLANTYRE (Malawi NewsNow ) — FDH bank managing director Mr Philip Madinga has said the merging process of FDH and Malawi Savings Bank (MSB) to become one entity, might take about two years and depends on approvals from the Reserve Bank of Malawi (RBM).
Madinga said this during a cocktail reception organised by the bank for its corporate and small and medium scale clients.
He said MSB will meanwhile continue to operate separately from FDH Bank until the process of integration is completed.
“During this period, MSB will continue to transact its business as it has always done,” said Madinga.
“The only difference will be that MSB will now be better supported by a new shareholder, FDH Financial Holdings and will be adequately capitalised by the end of this year,” he said.
Madinga said the planned merger of MSB and FDH Bank, both of which have a common heritage of being home bred and grown, will create a top three bank in terms of market share for deposits once the merger is completed.
“Our aspiration is to become a number one bank within the next few years,” said Madinga.
MSB acting CEO Teddie Chanza assured customers that MSB will continue offering all the products and services it has been offering before the sale.