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NBS Bank in recapitalisation process

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Malawi Stock Exchange listed financial institution, NBS Bank Limited, is in the recapitalisation process and transforming itself into a stronger brand.

NBS Board chairperson, Vizenge Kumwenda said this on Tuesday, on the sidelines of a partnership signing ceremony with Rabo Bank of Netherlands.

He said the partnership with Rabo Bank aims at boosting the Bank’s technical capability to enable it deliver on its five-year strategic business plan which was jointly developed the pact and runs up to 2021.

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“Part of the agreement stipulates that Rabo Bank will facilitate training on the job and study tours to several entities of the Rabobank Group to strengthen capacity building of staff at NBS Bank,” he said.

Kumwenda said the bank is in a transformational journey, which will bring change to the company.

“As part of the transformation, it is possible it may come about that perhaps some of the positions may not be required and we will have to look at where we can place our staff.

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“There might also be situations where we cannot place our staff anywhere and in this case, we may have to pay off some of our staff. There is a possibility that we may not be able to carry everyone on our journey,” Kumwenda said.

He further said if it comes to the extent that some staff will be laid off, the company will ensure that the affected personnel is well looked after.

“We will ensure that the affected staff is paid their entitlements as per the company’s policy,” he said.

NBS Bank Limited has a shareholding of Nico Holdings as a major shareholder, the public, National Investment Trust Limited (Nitl), employee share ownership and the International Finance Corporation.

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