Standard Bank has earmarked seasoned banker, Phillip Madinga, to be its new Chief Executive Officer subject to regulatory approvals from the Reserve Bank of Malawi (RBM), inside sources say.
Madinga will replace William Le Roux who has been at the helm of the Malawi Stock Exchange listed bank since February 2018.
But in a statement yesterday, Standard Bank Board Chairperson, Ngeyi Kanyongolo, only announced that le Roux will leave the bank in December 2020 at the end of his contract.
“The Board of Directors will announce a successor to le Roux as soon as all processes and procedures relating to the appointment are finalised,” reads the statement.
Until his appointment, Madinga was working as Standard Bank Malawi Head of Personal and Business Banking.
A banker by profession and an economist by training, Madinga holds a Bachelor of Social Science degree from the University of Malawi and a Bachelor of Business Management and Administration (Hons) and a Masters of Business Administration from the University of Stellenbosch Graduate School of Business, South Africa.
Madinga has extensive experience in banking, having worked for First Merchant Bank, now First Capital Bank, FDH Bank, Standard Bank and Nedbank.
Madinga could not be reached for a comment yesterday.
Among his highlights, Madinga served as Managing Director of FDH Bank, General Manager of FMB and Chief Commercial Officer of NBS Bank.
Madinga is currently the Chairperson of Malawi Stock Exchange listed hospitality giant, Sunbird. He is also a member of the National Planning Commission.