Boakgomo-Ntakhwana leaves FNBB
Staff Writer | Thursday August 7, 2014 12:42
Boakgomo-Ntakhwana’s departure comes a few months after reports of a deteriorated working relationship with authorities at Bank of Botswana, the commercial banks’ regulator.
While FNBB and the central bank have not confirmed the reports, industry sources claim that she had a fall out with central bank authorities over corporate governance matters.
In a statement released yesterday, the bank announced that Boakgomo-Ntakhwana has been promoted to the position of Deputy Chief Executive Officer – FNB International, based in Johannesburg, South Africa.
“Her appointment is effective January, 1 2015. Her new portfolio will specifically entail driving the FNB Group’s expansion strategy into Zambia, Mozambique, Swaziland and Lesotho,” read a statement from the bank.
Boakgomo-Ntakhwana joined FNBB in 2009, replacing Danny Zandamela who also left amid reports of a fallout with central bank authorities.
During Boakgomo-Ntakhwana’s five-year tenure at the helm of the Bank, the bank says FNB Botswana achieved many successes, which, inter-alia, include expansion in Consumer channels such as the branch network, point of sale devices and ATMs.
“Lorato’s firm dedication towards bringing convenience to customers saw the bank gaining the largest market share across most banking categories.
“It is during her tenure that FNB Botswana became the largest bank across a number of measures. It became the largest Company and Bank by market capitalisation on the Botswana Stock Exchange at P8.8 billion as at July 2014, had the largest balance sheet and advances and became the most profitable bank,” read the statement.
Boakgomo-Ntakhwana will continue to serve as CEO of FNB Botswana whilst the FNBB board progresses with the recruitment of her successor. Boakgomo-Ntakhwana holds a Masters in Business Administration with Majors in Finance and Accounting from the Loyola College in the United States of America and a Bachelor of Commerce with Majors in Accounting and Management from the University of Botswana.
In the FirstRand group she held the position of deputy group treasurer for a period of four years based in Rand Merchant Bank, the bank’s sister Investment bank.
In the half year to December 2013, FNNB recorded a five percent jump in profit after tax to P362 million. With credit growth showing a declining trend across the industry, the bank registered an impressive advance growth rate of 18%.
This growth was achieved through group scheme lending as well as term loans to the Public sector segment. Notwithstanding, the 18% growth in advances to customers, interest income registered a 6 percent growth.