9 November 2018

Malawi: Standard Bank Malawi Takes Back Kubwalo-Chaika - K1.3bn Payout Package Scares Bank

Standard Bank Malawi has swallowed its pride and took back in employment fired Head of Personal and Business Banking Margaret Kubwalo-Chaika after being scared by her demand for a whopping K1.3 billion payout package.

A few months ago, Standard Bank Malawi fired Kubwalo-Chaika from her position on performance related issues and had been discussing with her on a payout for the past three months.

However, sources say Kubwalo-Chaika stood her ground saying she needs K1.3 billion if she has to walk out of the bank.

Apparently, the bank offered to pay Kubwalo-Chaika K200 million for her to walk out.

The bank was so scared with the bill and has since reinstated her as Head of Personal and Business Banking, a position which Charity Mughogho was acting.

"She reported for duties on Monday," a source at the bank said.

Nyasa Times verified her being back at Standard Bank Malawi after a telephone call at the Bank head office in Lilongwe asking to speak to her and her secretary said she was in a meeting and would call us back.

She could not however pick up her mobile phone when called later to ask her the basis of her K1.3 billion payout.

Insiders confided in Nyasa Times that Kubwalo-Chaika comeback has raised tension within the management team.

"There is tension in the management team apparently, there are some managers who feel the CEO was being vindictive because Kubwalo-Chaika stood her ground on some important decisions that she took concerning her department and his did not please some bosses at Standard Bank South Africa hence her removal from her position," said a source privy to the happenings at Standard Bank Malawi.

The development has also revealed how some local managers at Standard Bank Malawi have been abused especially by Standard Bank South African bosses.

There was no comment from Standard Bank Malawi Chief Executive Officer William le Rouxe.

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