Leina Gabaraane, the incoming deputy managing director of Stanbic Bank of Botswana, is to burn mid night oil in the coming months in an attempt to ingratiate himself with his new employer by having Stanbic listed on the Botswana Stock Exchange, the bank announced Thursday.
“In the short term, some of the things that he will be involved with is to at the pros and cons of listing on the Botswana Stock Exchange,” Clive Tusker, Standard Bank of South Africa’s director for Africa, told a press conference.
Stanbic has long been castigated for its snail’s pace progression towards localizing some senior posts and listing on the BSE.
The move comes at time when the bank has decided on the fledgling Ugandan stock exchange and recently having acquired a listed bank in Nigeria and Kenya.
Gabaraane is due to leave his employer of four years ÔÇô Stanbic Investment Management Services (SIMS) ÔÇô at the end of the month to join Stanbic at the beginning of September, following a sterling performance there.
His departure from SIMS ÔÇô a joint venture between Stanbic’s parent company, Standard Bank of South Africa, and Stanlib is seen as a bold move aimed at localizing senior positions within the bank compared to some of its peers in the market.
Four years ago, Gabaraane was appointed the head of SIMS which he started from nothing but he leaves the company when it is worth P 4.2 billion. The war-chest is composed of money markets funds, pension and the Public Officers’ Pension Fund (BPOPF).
He will be succeeded by another Motswana at SIMS, Leonard Siwawa who was also headÔÇôhunted during the second quarter of the year.
The move falls in step with the bank’s vision for Africa of being the largest bank and also entrenched in Africa’s biggest markets.
The press conference was jointly addressed by Stanbic Botswana Managing Director, Dennis Kennedy, Gabaraane and Tusker.
Kennedy said the appointment of Gabaraane to the position of deputy managing director “marks a very, very, very happy day in” the history of the bank. He praised Gabaarane as a man who started the asset investment arm from scratch to a multi-billion pula operation today.
“He started four years ago and we set targets for him which he achieved. Now, we will have an orderly process where Leina Gabaraane will step-up as deputy managing director from September 1,” Kennedy said.
Gabaraane ‘s step-up to the new position is said to be the foundation of building banking cadres across the region and within Botswana who will be able to giving assignments in all the markets where Stanbic has a presence.
“This is an ongoing process within the bank; we have to develop a cadre within the bank which we can move around all our markets. We would like to create a pool of (highly skilled ) people,” he said, adding that the bank is committed to develop as many people as possible which will be followed by the succession.
“The idea is to build critical mass and skills in Africa, especially in big markets,” Tusker added.
Further, other plans which Gabaraane will be involved in include the establishment of a life assurance division in order to complete the three legged circle of asset management and banking. If he manages to beat the targets, he is likely to take-over as the managing director within the next two years.