Chitando leaves NBS

By The Standard | Oct. 31, 2017 | 2 Min read

National Building Society (NBS) has engaged a human resources consultancy firm to look for a new managing director to replace Ken Chitando, who left the bank last month.

BY BUSINESS REPORTER

Chitando was initially suspended for three weeks in June to allow for investigations into alleged improprieties. The suspension was extended to three months. The NBS founding managing director left the bank last month. NBS board chairman Douglas Zimbango confirmed Chitando’s exit.

“There was mutual separation. We separated mutually and we are moving on,” he said.

Zimbango said ICT director Lackson Mondo was still on suspension and the bank was yet to finalise the matter.

In an advertisement on Sunday, Industrial Psychology Consultants (IPC) gave applicants up to November 10 to submit their papers.

IPC said the managing director would be responsible for leading the development and execution of the institution’s business strategies with a view to creating shareholder value. It said the managing director would be responsible for the day-to-day management, implementing the institution’s strategy and act as a direct liaison between the board and management and communicates to the board on behalf of management. The managing director is expected to communicate on behalf of the institution to shareholders, employees, government authorities, other stakeholders and the public, IPC said.

In its financial results for the six months ended June 30, NBS saw its total assets increasing by 51% to $86,4 million from $57,1 million in the same period last year. The uptick was anchored on the growth in customer deposits.

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Deposits grew by 98% to $36,2 million in the period under review from $19,4 million. Loans and advances raced to $48,9 million up from $25 million in the same period last year. NBS incurred a deficit of $633 662 which it said was 43% within budget.