Advertisement
Business

NBM, Indebank merger earmarked for June

Advertisement

National Bank of Malawi (NBM) says it expects to get a nod from the Competition and Fair Trading Commission (CFTC) for its merger with Indebank by end of this June.

NBM Deputy Chief Executive Officer Mac Fussy Kawawa said this would pave way for a smooth integration of the two commercial banks which are still operating as separate entities.

Early this year, media reports indicated that CFCT had set aside the merger application papers from the bank as it was yet to fulfill some requirements.

Advertisement

But in an interview last week, Kawawa said substantial progress had been made to meet the requirements, adding that his bank is now waiting for a go ahead from CFTC.

“The systems were successfully integrated and we are happy with that. While the systems have been integrated, the rest of the business will be integrated upon obtaining approval from CFTC,” said Kawawa.

Commenting on possible impact of the merger on operations and staff, Kawawa reaffirmed that the bank would ensure that it minimises the effects on individuals while maximising quality of service delivery.

Advertisement

“We have done everything possible to minimise job losses so I would not pre-empt here. For good performers there is nothing to fear about, but as it happens, there must be a few changes here and there that entail job losses,” said Kawawa.

NBM bought a majority interest in Indebank from government at K 6.7 billion.

Facebook Notice for EU! You need to login to view and post FB Comments!
Advertisement
Show More
Advertisement

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker