Maravi

Finance Bank to get rid of old expatriates

Finance Bank to get rid of old expatriates
By Chiwoyu Sinyangwe
Mon 01 Mar. 2010, 08:20 CAT

FINANCE Bank has announced structural reforms among them that all expatriate staff who have reached retirement age or pased retirement will not have their contracts renewed. Bank managing director David King yesterday said the move had been done in consultation with Dr Jacob Mwanza, the new board chairman.

King said ongoing restructuring would also result in the abolishment of the position of deputy managing director. He said the move to restructure the bank was in line with its commitment to deliver better controls and achieve greater efficiencies.

“…as a consequence of the recent positive developments, the following changes have been effected in consultations with the chairman of the board Dr Jacob Mwanza,” he said.

“All expatriate staff who have reached or passed the retirement age will not have their contracts renewed and all vacant positions resulting from the above will be filled through the bank’s internal succession plan in line with our commitment to Zambianisation programme.

The position of deputy managing director will be phased out from the structure whilst the chief financial officer will be appointed by the board of directors from one of our major shareholders.”

Dr Mwanza recently took over as board chairman of Finance Bank following the resignation of Dr Rajan Mahtani.

The Bank of Zambia has approved the switch on the chairmanship of Finance Bank.

Dr Mahtani resigned from Finance Bank following revelations that Drug Enforcement Commission (DEC) was investigating Finsbury Investment for money laundering involving the transfer of shares in Zambezi Portland Cement Limited.

Finsbury Investment which is part of the Mahtani Group of Companies owns 25 per cent stake in Finance Bank and Dr Mahtani has since announced plans to reduce shareholding to 10 per cent as soon as suitable buyers for the 15 were found.

Labels: FINANCE BANK

posted by MrK @ 3:42 PM