Stanbic new boss ready for challenges

| Friday November 7, 2008 00:00

Mmegi: What does it mean to be the first Motswana MD at Stanbic Bank Botswana?

Gabaraane: Being appointed as first citizen MD of Stanbic Bank Botswana is very humbling.

Mmegi: What is your take on localisation efforts by local commercial Banks? Is it adequate?

Gabaraane: I think Stanbic Bank is truly committed to its localisation initiatives. We have managed to localise five out of nine executive positions. Localisation is never enough, hence we will continue to localise where we are comfortable that we have developed adequate skills.
One thing though: we will not just localise for the sake of having citizens in key positions; it must be merit-based so as not to compromise the bank.
Having said that, one must always be mindful of the fact that we are a continental bank. This means as far as our group is concerned, capacity should be built across the continent and that we will always have Batswana working in other parts of the continent as we will always have other Africans working in our bank here.

Mmegi: What is your vision and plans for the bank?
Gabaraane: Our bank's vision is to continue being relevant to this community and to uphold the highest possible levels of service. This will be achieved by fully understanding our clients' needs and desires and ensuring that we develop products and services that will adequately meet our clients' needs. The success of this will naturally translate into an increased market share for us.

Mmegi: When you were appointed Deputy MD, a part of your mandate was to look at the possibility of listing Stanbic on the Botswana Stock Exchange. Is the bank still considering those plans?
 
Gabaraane: This position has not changed and is work in progress.

Mmegi: Diamond beneficiation is one of the areas the bank has targeted. What is the reason and what is the latest in that regard?

Gabaraane: Part of our strategy is to align ourselves with key strategic drivers of the Botswana economy. We consequently identified the diamond beneficiation industry as a strategic sector and our efforts to participate in it have been satisfactory to-date.

Mmegi: The local market is flooded with new banking products every month. How do you see the competition? Is our market big enough for all the players?

Gabaraane: Competition is always welcome because with it, providers ensure that they deliver the best possible product and service to the customer and ensure competitive pricing; the ultimate beneficiary is the customer. While Botswana's economically active population may be relatively small, I believe there is still a lot more that can be offered to the customer, particularly the historically un-banked members of our population.

Mmegi: Which products will Stanbic launch soon?

Answer: As a full financial service bank, we will continue to offer personal banking, business banking and cater for corporate clients. Customers in Botswana, as in other parts of the world, are increasingly getting sophisticated. We therefore need to leverage them with technology to enhance their convenience as much as possible.
Mmegi: The on-going financial crisis has overwhelmed most markets in the world. The banking sector in Botswana seems unaffected by this at the moment. How do you see it impacting Botswana, going forward?

Gabaraane: Botswana's history of prudent economic management is expected to continue insulating the economy from the current global market turmoil. However, Botswana is an open economy, and to that end, we will be impacted by any global recession because we depend on the world's economy to sell our diamonds, our major export product. The slowing flows of donor funds are not expected to impact the economy adversely since we are not a donor-dependent economy.

Mmegi: What are the lessons that can be learnt by Botswana banks from the financial and economic crisis?

Gabaraane: Prudent management of risk at all times is important.