THE Bank of Zambia has allowed Mizinga Melu’s appointment as Barclays Bank Zambia managing director with the condition that she will be removed if any “adverse information” concerning her emerges.
A senior regional Barclays Bank official who sought annonymity confirmed that Melu was leaving a higher position to lead Barclays Bank Zambia but said it was not unusual.
The source explained that the head of Barclays Bank Botswana, Reinette van der Merwe, left a higher executive position to take up national leadership of the bank.
“Of course people can speculate that she has been demoted or that she did something wrong but none of that is true. Businesses place people where they feel they are needed. So you can be the best person serving a higher position and you can be assigned to a lower position; it is not your choice, you have to take up that position. In Mizinga Melu’s case, she did very well in her previous position and the Bank of Zambia cautionary statement concerning her appointment is also not unusual. They do that when there is a newly appointed CEO of a Commercial Bank,” said the source.
Asked whether Melu would retain her salary from her previous position, the source said, “I can’t confirm that but usually, those are the conditions which are agreed upon with such transfers.”
In a letter dated February 20, 2017, registrar of banks, financial institutions and financial businesses Dr Bwalya Ng’andu asked Barclays Bank Zambia PLC chairman Jacob Sikazwe to ensure that Melu familiarized herself with the BoZ corporate governance directives.
“Reference is made to your letter dated February 9, 2017 on the above matter. Please be advised that the Bank of Zambia has granted conditional approval to the appointment of Ms Mizinga Melu as managing director for Barclays Bank Zambia PLC. The approval is on the understanding that should any adverse information concerning Ms Melu emerge, we will direct that she be removed from the position. Kindly ensure that Ms Melu familiarizes herself with the Bank of Zambia Corporate Governance Directives,” read Dr Ng’andu’s letter in part.
In September 2014, The Barclays Africa group appointed Melu as chief executive officer (CEO) of Barclays Africa Regional Management.
Melu’s appointment, which was effective October 1, 2017, meant that she was responsible for the bank group’s businesses outside of South Africa.
Previously, Melu held a number of roles in Standard Chartered Bank including CEO of Standard Chartered Bank Zambia, Global Head of Business Organisations in the UK and Africa Regional Head of Financial Institutions in both South Africa and Kenya.
The global financial services provider had stated that country managing directors of all Barclays Africa’s businesses outside South Africa would report to Melu.