AfrAsia CEO resigns 6 months after appointment

Malachy McAllister has reportedly resigned as CEO of AfrAsia Bank, only six months after his much touted appointment.

According to l’Express, McAllister, whose appointment was announced in December 2021, has put forward “personal reasons” to justify his departure.

The newspaper said the seasoned banker submitted his resignation on Monday afternoon, “which was accepted by the board.”

No further information was available.

The bank’s anchor shareholder (30.29%), IBL Ltd, is the 1st business group in Mauritius (2018 Top 100 Companies). Other major shareholders are the  National Bank of Canada 20.52% and Intrasia Capital Pte Ltd 9.53%.

Malachy McAllister succeeded Sanjiv Bhasin, who left the bank in February 2021 after a five-and-a-half-year term.

Until a successor is found, General Manager Thierry Vallet will temporarily take over the reigns of the bank as Interim CEO.

AfrAsia has removed all mentions of McAllister from its website.