Hundreds of employees at Malawi Savings Bank (MSB) and Financial Holdings Limited (FDH) bank are expected to lose their jobs following the merger of the two banks.
FDH Bank Head of Marketing Sobhuza Ngwenya said in a statement on Wednesday employees from the two banks are to be fired.
“In total, approximately 250 employees from both FDH and MSB will be affected. This notwithstanding the merged bank will be among the biggest employers in the local banking sector,” reads part of the statement.
While backing the development, Ngwenya said the implementation of the redundancy program is in accordance with the labour and employment laws of Malawi and follows good labour practices.
Concurring with Ngwenya, FDH chief executive officer Thom Mpinganjira said a job cannot guaranteed to any employee at both banks.
“In matters of employment a job can never be guaranteed; it depends on performance. To guarantee a job means whether one performs or not they will keep their job,” Mpinganjira said.
Last year Malawi government sold 75 percent of its shares in MSB to FDH Holdings for K9.5 billion.
I was surprised when they promised that nobody would lose his or her job. MSB being run by Government that time must have “unnecessary” workforce as is the case in most Government institutions. FDH new this from the word go and was just trying to cheat us by saying all jobs were safe. This is too bad.
Those 250guys should come together and open their bank taking advantage of the know they have. Be selfstarters!
Akulu akulu a FDH ndi a MSB Zot akapanga ngwirizano zotsatira zake ndizimenez amadziwa ndie apa palibeso bad news.
Very mourn
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Very gud comment umatha boma lilibe vuto
Oh! Government cheated Malawians one Bank is gone for sure , FDH killed MSB.
Understandable private banks they don’t keep everything, they keep useful things only, MSB some of their employees were just standing the whole day doing nothing, that was not good for business and we can’t blame the government for selling MSB, sometimes is what the government doing for us and what we do for the government
That Is Not True,that People You Didnt Warn Them Before,kumeneko Timakutcha Kuzunza,think B4 U Do
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Sad news to an economy dominated by unemployment. Very bad indeed, but all this is because of an irresponsible government of Peter Muthalika. Many people opposed the merger ,some even demonstrated, the man went ahead to sell MSB. We don’t need such leaders, they don’t bring anything good but bring more misery to the already desperate citizens.
This is the fruits of what our govt sowed . 250 at once ?????
SEEING IS BELIEVING PEOPLE WARNED YOU BEFORE BUT YOU DIDNT WANT TO LISTEN NOW THERE IS THE RESULTS OF NOT LISTENING