Standard Bank Investment Corporation (Stanbic) Bank Botswana announced on Thursday its intensions of spreading the bank’s footprint in the country.
During the official opening of the refurbished Broadhurst branch, the bank said in the foreseeable future it will be opening three branches. In three months time, Palapye is scheduled to have a branch open and two others are billed for opening in the Central Business District (CBD) and at the newly opened Diamond Park, respectively.
Speaking at the event, the bank’s chairman, Gulaam Abdulla, said the country is currently riding on the wave of economic boom. The economic swings, he said are based on a number of things, but for a government dominated ones like Botswana, fiscal expenditure is critical in determining the economic direction.
“Perceptions about the economy also play a big role and now we see the excitement in the economy around the diamond beneficiation and the setting up of the Diamond Trading Company Botswana. These are exciting times for the economy; government expenditure has also gone up considerably. New leadership under President Ian Khama has also breathed in some fresh air into the economy,” he said.
Stanbic Bank Botswana first set foot into the country’s banking sector some 16 years ago and currently has four branches in Gaborone, Maun and Francistown.