Monday, March 4, 2024

Stanbic targets central with a new branch in Palapye

Stanbic Bank of Botswana is widening its operations within the country by opening yet another branch in Palapye within the next 10 days as its tries to position itself closure to the mining and government driven economic activities in the northern parts of the country.

The new branch is expected to open its doors to customers on April 11, this year as the bank is also positioning itself for the new guard that will be approved by the board towards the end of this month.

Dannies Kennedy who has been at the hem of the bank for nearly 10 years will have seven branches before he leaves at the end of the month. The plan is in line with Bank Governor’s ambition which is aimed at localizing the financial institutions which is increasingly putting Capital Bank, Bank of Gaborone, First National Bank of Botswana and Standard Chartered Bank of Botswana under an intense pressure.

Stanbic first opened shop in Botswana in 1992 and it has been steadily growing and currently has the same financial muscle as Botswana Building Society- pushing behind the likes of Botswana Savings Bank and National Development Bank that are heavily reliant on government though not improving on shareholders value and their images.

The bank is intending to bring the total network branches to 10 before the end of the year and its bottom line is expected to be helped by consultancy contracts in structuring deals with government and the private sector.

The other branches are expected to be in the Gaborone CBD and Diamond Park.
The move is helped by its hard-working deputy managing director, Leina Gabaraane whom though not a banker by profession has a lot of business experience and connections from his previous background as an asset manager.
“Our objective as a leading emerging markets bank is to align our growth with key economic drivers, such as the growing extractive industry in the Palapye area,” said Stanbic Bank Deputy Managing Director, Gabaraane said.
“This year we have established diamond financing and are involved in the Morupule Colliery expansion, so we are not strangers to the mining sector in Botswana. Opening a branch here was a natural progression for us. ”The Stanbic Bank Palapye branch is to launch operation with 15 staff members ÔÇô all Batswana ÔÇô and will be providing both Business and Personal Banking services.


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