Stanbic Bank Botswana has denied allegations that it is likely to retrench employees in a couple of months if they fail to meet set targets. Stanbic Bank Botswana Managing Director (MD), Leina Gabaraane, downplayed rumours of looming massive retrenchments in his institution, despite challenging economic times. The MD said that Stanbic Bank has no immediate plans to retrench any of its staff members.
“We are proud to say that we will not be retrenching in these difficult times of prevailing tough operating environments, when many businesses have to deal with that difficult choice. We are pleased that we managed to avoid retrenchments in the past and we will endeavour to do so into the future,” said Gabaraane.
Currently, Stanbic Bank has grown its position in the market from June 2013 to be the third largest bank in the country. At the beginning of this year, the bank said it saw the need to invest hugely in a new core banking system. The system is estimated to have cost Stanbic Bank in excess of P100 million.
Gabaraane earlier said the significant change in market share is of high importance to the bank considering the fact that in 2008 it was a distant fourth largest bank in the market.
He added that 2014 will be a positive year based on the country’s news on diamonds, as well as resuscitation of the global economy, which has a huge influence on Botswana’s economy. He added that historically there is usually more spending in a general election year.
“As a bank we always find other ways of deferring our cost downward. We have never retrenched members of staff in this country and retrenchment will be always the last option,” said Gabaraane.
The Stanbic MD is also optimistic that the bank’s improvements and developments will result in enhanced service delivery, improved self service electronic channels and ultimately assist in taking the bank further into communities within which it operates.
Stanbic Bank Botswana currently has 503 employees and a total of 11 branches; five in Gaborone and one each in Francistown, Maun, Mogoditshane, Molepolole, Palapye and Selebi Phikwe. The bank also services its customers through a network of 24 ATM’s nationwide. Led by Gabaraane, the bank this year improved convenience to customers by introducing mobile banking. Stanbic Bank customers across the country are now able to make use of the new banking service as part of efforts to empower customers with on-the-go banking. Stanbic Bank’s new mobile banking offering follows a host of digital developments and innovations from the Bank in recent months.