Thursday, October 22, 2020

Who will replace BancABC’s Jito Kurian?

BancABC Botswana Managing Director (MD) Jito Kurian is said to be leaving the employ of the bank end of July this year. Sources within the banking industry said this week that Kurian’s extended employment contract is coming to an end and has not been renewed. 

At the same time, information reaching Sunday Standard indicate that Kurian’s Deputy Andrew Taruwona’s employment contract is also ending around the same period. The bank has remained tight lipped on its succession plan.

“The bank will announce any key management changes at the appropriate time through the proper channels.” Polelo Kilner, Country Marketing Manager – BancABC Botswana said Friday when asked about the matter. 

Meanwhile Sunday Standard has been informed that the BancABC board lately approached some of the Chief Executives Officers (CEOs) of a couple of local commercial banks locally for the top post. It has however emerged that such attempt has not been successful as the said CEOS declined the offer while the one who came close to putting his signature to paper could not agree on the remuneration propose by BancABC. 

The expected departure of the delisted bank’s two top executives comes at time the Bank of Botswana Governor Linah Mohohlo has been aggressively advising the country commercial banks to localize executive positions within the banks.

Currently FNBB is led by Steven Bogatsu, Stanchart by Moatlhodi Lekaukau while Stanbic Bank Botswana is headed by Leina Gabaraane.

Given the regulator’s pressure, speculations are rife that BancABC Head of Corporate Investment Banking (CIB) Mmoloki Ramaeba could replace the Kurian as acting MD. Ramaeba reportedly has international banking exposure. Recently the BancABC attracted another talent from First National Bank Botswana Head of Business (FNBB) Grace Mankanku who is responsible for BancABC CIB on a regional level within the SADC boundaries, who is also believed that she could fit in Kurian’s top seat. 

BancABC Group is also expected to make some more announcements to fill in the vacant posts the across group and likely to move talents from one country to the other.

In 2014 there was a successful completion acquisitions of ABC Holdings Limited, BancABC’s by Atlas Mara which is now a fully operational entity able to continue to execute its strategy of becoming Sub-Saharan Africa’s premier financial institution.

Atlas Mara has closed its acquisitions of BancABC and African Development Corporation (ADC), after which Atlas Mara has acquired a beneficial interest of 95.84 percent in BancABC, representing a 58.09 percent direct interest and a 37.75 percent indirect interest through ADC.

As a result of its acquisitions of BancABC and ADC, Atlas Mara now has operations in five countries ÔÇô Botswana, Mozambique, Tanzania, Zambia and Zimbabwe. It also has minority investments in Nigeria and Kenya and the acquisitions have created a strong foothold for Atlas Mara in the commercially important to SADC. 

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