Standard Bank will support Malawi growth—Phillip Madinga
The newly appointed Standard Bank Malawi plc Chief Executive Officer Phillip Madinga has said he would like to see the Malawi Stock Exchange-listed commercial bank contributing to Malawi’s economic growth.
Madinga becomes the second Malawian to head Standard Bank Malawi since 2001, when the South African financial services conglomerate acquired 60 percent shareholding in Commercial Bank of Malawi (CBM).
In a quick interview after his appointment Monday, Madinga said he was delighted by the confidence that the Standard Bank Board of Directors has shown in him.
“I am just really excited by the appointment and delighted by the confidence that the Standard Bank Group and our Board has shown in appointing me. This is historical.
“I am looking forward to taking Malawi business to greater heights and leading transformation towards becoming more than a bank—a digital and platform-led business. In line with our purpose that ‘Malawi is our home, we drive her growth’ and as one of the top banks in this Malawi market, we want to support Malawi’s growth as I take the bank to the top,” Madinga said.
Standard Bank Board Chairperson Ngeyi Kanyongolo Monday announced Madinga’s appointment as the bank’s new CEO, with effect from January 1, taking over from William Le Roux who has been at the helm of the bank, for the past three years.
Kanyongolo said the board had confidence in Madinga’s capabilities to carry Standard Bank plc Malawi into the future and will support him in his efforts to bring more than banking to customers.
“We wish him all the best as he takes on this new challenge,” Kanyongolo said.
She described Madinga as a highly accomplished professional and as tute executive who brings with him a wealth of experience in banking and financial services acquired over his 26 years of working.
“Phillip has had a highly successful career over the past few years in leading, managing, growing business and driving financial performance for several banks.
“He holds a Master of Business Administration and a Bachelor of Business Administration (honors), from the University of Stellenbosch, Graduate Business School. He also holds a Bachelor of Social Science majoring in Economics from the University of Malawi, Chancellor College,” Kanyongolo said.
She thanked outgoing CEO Le Roux for laying the foundation for a sound financial services institution capable of delivering World-class banking services and products in line with the bank’s customer-centricity and digitisation objectives.
“He leaves behind a very strong, healthy and profitable bank which is technologically ready to become one of the leading digital banks in Malawi. The board wishes Bill success as he moves on to another challenge within the Standard Bank Group,” Kanyongolo said.
