The Board of Directors of NBS Bank Limited has announced the appointment of Kwanele Ngwenya as the new Chief Executive Officer (CEO) for the bank effective April 1, 2017.
Ngwenya succeeds Bernadetta Mandoloma who retired from the bank after serving as CEO since 2012.
A statement from the bank signed by Chairman, Vizenge Kumwenda said Ngwenya is bringing to NBS over 20 years of international and local banking experience, most of which was in senior and executive management positions in commercial banks.
“His experience covers corporate, commercial, retail and mass market banking segments at both strategic and operational levels,” the statement said.
Prior to joining NBS Bank, Ngwenya was CEO of Opportunity Bank having previously worked as Chief Executive of Steward Bank of Zimbabwe. Before that, Ngwenya held positions of Director of Commercial Segment, Director of Retail Banking Division and Head of Corporate Banking Division with First National Bank Botswana.
He holds a Master of Arts degree in Strategic Management from University of Derby and a Master of Arts degree in Business Administration from Oxford Brookes University.
Ngwenya is joining NBS Bank at a time when the bank and its subsidiary, NBS Forex Bureau Limited have just reported a loss before tax of K4.8 billion for the year ended December 31, 2016.
The bank has since attributed the loss to a drop in interest income and sharp increase in other operating expenses.