Standard Chartered Bank Botswana (SCBB) last week announced a citizen empowerment transaction facilitated through establishment of the Standard Chartered Education Trust Fund, which will conduct a variety of public benefit activities within Botswana for the benefit of citizens of Botswana.
Chief Executive Officer (CEO), Moatlhodi Lekaukau revealed that the Standard Chartered Education Trust was established by deed of trust and notarized in December 2014. The trust is independent of Standard Chartered Bank Botswana Limited and has acquired a 0.84 percent shareholding in the bank from Standard Chartered (Africa) Holdings B.V, making it one of the largest shareholders.
“The shares were acquired in an off market transaction and were fully funded by the Standard Chartered Bank group,” said Lekaukau.
He added that the off market transaction was worth more than P30 million, which was entirely funded by Standard Chartered (Africa) Holdings B.V. The Standard Chartered Education trust will be managed by an independent board of trustees and its primary objectives are to conduct a variety of public benefit activities entirely within Botswana, in a non-profit manner for the benefit of its beneficiaries, being citizens of Botswana.
Lekaukau further said the activities of the Fund will include promotion of educational activities, provision of funding, resources, facilities and an enabling environment necessary for the education, academic, vocational or professional training and development, capacity-building and the advancement of citizens of Botswana. Among other things, the Fund will offer scholarships or bursaries for purposes of education and maintenance during such education of any beneficiary. It will also provide financial assistance or bursaries to beneficiaries for the training and development of citizens of Botswana for undergraduate and graduate studies in educational institutions in business and management studies, economics, asset management, private equity and venture capital, debt and capital raising, investment analysis, banking and finance.
“We are in support of basic, secondary, tertiary and vocational education programs to enhance the level of literacy and education in impoverished communities, and to enable individuals to gain access to skills,” he said.
According to Lekaukau, the Fund also targets promotion of financial literacy, on-the-job training, apprenticeship programs as well as business and entrepreneurial skills. He further pointed out that Standard Chartered Bank Botswana was proud to conclude a citizen empowerment transaction that is broad based and will benefit a wide range of Batswana through dividends and value appreciation of the Bank.
“Education is one of the key focus areas of our community investment agenda and the establishment of the Standard Chartered Education Trust further confirms our commitment to ensuring that every Motswana is given the opportunity to enhance their skills through quality education,” said Lekaukau.