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| Business |
| Mwanamvekha is new MSB boss |
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by
Aubrey Mchulu, 26 February 2007
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02:08:20
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It is now official. Malawi Savings Bank (MSB) chief executive officer Ian Bonongwe is leaving for the African Development Bank (AfDB) in Tunisia to take up the position of executive director and his position has been filled by Joseph Mwanamvekha, hitherto chief executive officer and managing director for financial securities firm Continental Discount House (CDH).
MSB board member Peter Chimbe said in Blantyre during Bonongwe’s farewell party on Friday that Bonongwe will be AfDB executive director responsible for five countries—South Africa, Lesotho, Mauritius, Zambia and his native Malawi.
Chimbe, who resprested MSB board chairman Radson Mwadiwa who was reported out to Zimbabwe attending a funeral, said while the MSB board and management was happy that Bonongwe was rising in his career through his new appointment it was also sad to not that he was leaving. He said the board was satisfied with Bonongwe’s performance.
“The price for good work is more work and his [Bonongwe’s] good perfomance at MSB attracted the attention of authorities who recommended him to the AfDB in Tunis, Tunisia as executive director responsible for five Southern African states,” he said.
In his remarks, Bonongwe, in his usual humbleness, said he owes his success during the eight year stint at MSB to teamwork and asked MSB management and staff to offer the same support to Mwanamvekha.
In an interview later, Bonongwe, who said will be heading for Tunis sometime in April, said his new job is equally challenging as, among other things, he is expected to balance the interests of member states and those of AfDB.
“My position is to balance the relations of AfDB and interests of the five countries. These countries have own economic policies and development agenda which have to be balanced with opportunities offered by the AfDB. I will have to ensure the countries take full advantange of the services offered by AfDB,” he said of his three-year contract.
A holder of a masters degree in development economics, Bonongwe joined MSB in 1999 from the Reserve Bank of Malawi where he served, among other positions, as general manager for economic services.
For his part, Mwanamvekha hailed Bonongwe for his achievements at MSB which include the purchase of MSB House improvement of both the corporate image and the customer base.
He said there were still more challenges which require the support and involvement of all stakeholders to reposition the bank to make meaningful contribution to the country’s economic development.
“Everyone has a role to play from the bottom to the very top. I will count on your support so that together we can lift the bank to another level to create more shareholder value and for the betterment of all stakeholders, especially our clients,” said Mwanamvekha, stressing that the success of MSB is a collective responsibility.
Mwanamvekha is a postgraduate of economics and a seasoned banker who started his career at RBM in 1990 where he played a leading role in the establishment of the Financial Market Operations Department now known as Treasury—a department charged with the responsibility of formulating and implementing monetary policies.
Seeking further greener pastures, in 1996 Mwanamvekha moved to the Finance Corporation of Malawi Limited (Fincom) now Nedbank (Malawi) Limited where he worked as Treasury Manager and helped set up the Treasury Department. He was also in full charge of treasury functions.
Two years later—in 1998—Mwanamvekha pioneered the setting up of CDH as the first discount house in the country. He was involved in staff recruitment, preparation of operational manuals, procedures and guidelines and ensuring that all statutory requirements are adhered to. At CDH he rose to the position of general manager operations in 2000 and was in charge of trading before his promotion to executive director in 2002 and later CEO and MD in 2005 till his move to MSB.
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