Standard Chartered Bank has announced its funding of the construction of the sightholder H&A Cutting Works’ Diamond Cutting facility. H&A Cutting Works is a member of the Exelco Group and is one of the 16 sightholders appointed by DTC to purchase rough diamond for cutting and polishing in Gaborone. The building is modelled round the traditional Tswana homestead, and is octagonal in shape. It has been designed as a showcase for diamond cutting, reflecting the 8 steps involved in the diamond cutting and polishing process.
Standard Chartered Bank is proud to have been the financier of this project, and has also extended a credit line to the sightholder to facilitate their purchase of rough diamonds. This has made Standard Chartered Bank Botswana the market leader in the country, and on the continent, as we became the first financial institution to extend a working capital facility for the purchase of rough diamonds. Standard Chartered Bank has once again displayed its creativity and innovation in emerging markets.
H&A Cutting Works, as part of the Exelco Group, has global operations that range from the rough diamond polishing to downstream branding and retail activity. Partnering with Standard Chartered Bank, they are an integral part of the next stage of Botswana’s development, which is being catalysed by the agreement to bring diamond beneficiation into the country. Standard Chartered Bank aims to be the Right Partner to all its stakeholders.
Head of Origination and Client Coverage, and co-Head of Wholesale Bank, Seseti Mogami said: “as the oldest and one of the leading banks in Botswana, it is only natural that Standard Chartered Bank partner with the diamond industry, especially given that Botswana is the leading producer of diamonds in the world, and that diamonds contribute to a significant portion of the country’s GDP. Standard Chartered Bank as an emerging markets bank is known for being the market leader in innovation in its presence countries and funding into the value chain of the diamond sector is just one avenue we are pursuing.
Over and above the funding of this special project Standard Chartered Bank offers a plethora of solutions across the board and prides itself in providing cutting edge risk management solutions to its clients through its Wholesale Bank business unit.”
Jean Paul Tolkowsky, Managing Partner of The Exelco Group noted “We are delighted with this landmark agreement with Standard Chartered Bank. Through H&A Cutting Works, The Exelco group is committed to investing in Botswana, building a pioneering diamond cutting facility. We our proud to lead the industry in entirely financing our diamond activity in Botswana. Our partnership with Standard Chartered has enabled us to realise the true meaning of beneficiation, by financing our complete infrastructure development, in conjunction with our working capital requirement.
The CEO of Standard Chartered Bank, David Cutting said: “Standard Chartered Bank has a responsibility to contribute to the sustainable economic development of the country and is proud to be a part of the process that is bringing diamond beneficiation to Botswana. When the H&A Cutting plant is fully operational, along with all the others which have been appointed, this will have a significant impact on the country’s future economic development. The effects of diamond beneficiation happening in the country will include increased demand for banking and other auxiliary services. Standard Chartered Bank is ready to provide innovative, sophisticated, and tailor-made products, not only to the diamond industry players but to all sectors of the market.”
Standard Chartered Bank Botswana first opened for business in 1897, making it the country’s oldest bank. In 1956, the office was given a full branch status and this was followed by the opening of branches in Lobatse (1958), Mahalapye (1963) and Gaborone (1964.
The Bank was locally incorporated in 1975 with a full board. 25% of its shares are listed on the Botswana Stock Exchange.
Today, the Bank operates a network of 17 branches and agencies supported by a Loan Centre and Customer Call Centre. With a wide branch network and large force of Direct Sales Representatives
(DSRs), the Bank is able to provide excellent service both to both its retail and wholesale customers across the country.
The Bank’s Consumer Banking business offers a wide range of products and services and is regarded as a market leader in this segment. Comprising of four business portfolios – Shared Distribution, Wealth Management, SME Banking, and Secured/Unsecured Lending, these portfolios are supported by robust credit risk management, sales and marketing teams.
Wholesale Banking also offers a wide range of products and services for local corporates as well as for multi-national corporations (MNCs). Product portfolios comprise cash management, trade services, syndications and lending as well as treasury services Foreign Exchange, Currency Options, Government Bonds, High Yield Deposits as well as other liquidity management products. It also offers a wide range of corporate finance advisory, hedging and transactional services. Supported by the Bank’s global network, it is able to provide financial expertise in cross-border structured transactions, fixed income, currency market and research.
Standard Chartered Bank Botswana is highly respected in the country for its adherence to corporate governance standards, enthusiasm for excellent service and dedication to talent development, as well as to diversity and inclusion. It has a highly active community program and is committed towards building a sustainable business in Botswana in support of the country’s Vision 2016 aspiration.