Motswana Becomes Stanbic MD

| Monday September 29, 2008 00:00

 

Gabaraane was appointed Stanbic's Deputy Managing Director in September 2007.

Gabraane's immediate predecessor, Dennis Kennedy, remains with the Standard Bank Group but moves on as Regional MD with responsibility for Botswana, the DRC, Ghana and Lesotho.

The Board also announced the appointment of Parks Tafa as the new Chairman of Stanbic Botswana's Board of Directors.

The out-going Board Chairman, Gulaam Abdoola, says the board is proud of Gabaraane's achievements in the past year and believes that his appointment as the first citizen Managing Director of Stanbic Bank is an illustration of the board's commitment as an emerging markets bank to 'growing our people and investing in Botswana and its human resources.'

Says Gabaraane of his appointment: 'I am humbled by the confidence that the Standard Bank Group has shown in me over 12 months, and I look forward to the challenges ahead. I am confident that the Stanbic team I have become accustomed to over the past 12 months will support me in continuing to fly the Stanbic Bank flag high.'

He says the achievements he made in the 12 months as DMD were a team effort. 'I continue to be awed by the Stanbic team for continuing to demonstrably live their values of serving our customers, of team work, guarding against arrogance, respect for one another, delivering to our shareholders. Continuing to live and uphold these values, which also forms the basis of our culture, will continue to make us different and will be the wind beneath our wings.'

Prior to becoming DMD, Gabaraane was the Managing Director of Stanbic Investment Management Services (SIMS) from 2003 to 2007. During his tenure, he led SIMS to profitability within two years. SIMS is now a significant player in the asset management sector, being the 4th largest asset manager in Botswana.

'On behalf of Stanbic Africa, the board and management of Stanbic Bank Botswana, we would like to acknowledge the leadership and contribution of Gulaam Abdoola,' says Kennedy. 'Abdoola is retiring from the board due to work pressures related to his many other business interests. Our deepest thanks go to Abdoola who has been Chairman of the Board for the past two years and served on the Stanbic board for a total of 8 years'.

'We would also like to extend our congratulations to Tafa on his appointment as Chairman of Stanbic Bank and wish him well in his new role. We are confident that the linking of Tafa as Chairman and Gabaraane as Managing Director will provide Stanbic Bank Botswana with dynamic leadership and the platform for an exciting future.'

Gabaaane holds a B.Comm (UB) and an MBA in International Banking and Finance (University of Birmingham). His career started with the Botswana Development Corporation in 1995 where he joined as Assistant Operations Officer responsible for business development, project evaluation and monitoring.

He took up the challenge of establishing Stanbic Investment Management Services (SIMS, the asset management subsidiary of Stanbic Group operations. SIMS now boasts in excess of P4 billion worth of assets under its management.)

While at SIMS, Gabraane championed a call for the development of a savings culture among Batswana and helped develop and launch unit trusts as alternative savings vehicles for Batswana.

The Stanbic Money Market Fund and the Stanbic-managed prudential funds are now the largest unit trusts in Botswana with combined market values in excess of P2 billion. Although not in the management of SIMS, Leina remains on its board and also sits on the board of Liberty Life, which is the group's life insurance business.