Subsequent to the departure of atleast five of its executive directors, the First National Bank Botswana (FNBB), seem to be taking shape following a decision to quickly replace them.
Information reaching this publication shows that it is just a matter of time before the FNBB Chief Executive Officer (CEO) Steven Bogatsu announces Lolo Molosi as the bank’s treasurer.
Molosi’s appointment is believed to be awaiting approval from the commercial banks regulator ÔÇô Bank of Botswana.
Sunday Standard can also reveal that the bank has promoted its former Treasurer Olebile Makhupe, to head the bank’s subsidiary Rand Merchant Bank (RMB) Botswana.
The bank is also tasked to with recruiting a new Chief Finance Officer (CFO) and Director Credit as Makgau Dibakwane (CFO) and Richard Wright (DC) are both returning to South Africa by December at the end of their employment contracts.
Industry players said this week that FNBB did cast the net and is likely to catch other big fish from its competitors who are at listed commercial banks. The bank is said to be at an advanced stage of recruiting other bankers who recently went through the interviews at FNBB. Other departments internally have been redistributed to other areas.
In June 2017, the FNBB confirmed the development but could not give details as to what could have necessitated the decision to come up with a proposal calling on their senior executive directors to consider voluntary exit.
Previously, the former Bank of Botswana Governor Linah Mohohlo cautioned local commercial banks to avail opportunities and scope for qualified and experienced Batswana to be appointed to senior positions within the banks.
“Routine referral of business decisions to South Africa impedes timely and proactive service delivery, which could affect efficiency and competitiveness. This is not a matter of national pride, but business efficiency,” said Mohohlo at the time.