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Possible Branch Closures At Stanchart

PAULINE DIKUELO
Standard Chartered has 17 branches across the country
Standard Chartered Bank Botswana face a possibility of closing some of its branches locally as one of their strategies to get back to a trajectory of sustainable profit growth.

This came after it was announced on Tuesday that parent company Standard Chartered PLC will close up to 100 branches in Africa, Asia and the Middle East in an attempt to improve its profitability.

When commenting on this issue the Head of Corporate Affairs Itumeleng Ramsden said that their retail clients segment are embarking on a new strategy which focuses on cities that will experience significant economic growth in the future.

“As our clients and the world go digital, our branch transaction traffic is decreasing, so we are evaluating how we should reformat our current branches to deliver the best service to our clients,” Ramsden noted.

Standard Chartered bank currently has 17 branches in Botswana and 65 ATMs across the country, which are strategically positioned to cater to all Batswana. Earlier when commenting on their half year financial

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results ended June 30, Standard Chartered Chief Executive Moatlhodi Lekaukau noted that their bank has introduced the new ‘One Bank’ strategy with a refined organisational structure that concentrates on retail clients and corporate and institutional clients. He said this strategy has allowed the bank to bring more focus to specific client segments and appropriately serve their needs.

The Bank recorded a 13 percent increase in income compared to the first half of 2013. This was driven by strong performance from retail clients and increasing momentum from corporate and institutional clients segments while trading profit showed a 21 percent year on year’s growth.

Despite the low interest rate environment increasing pressure on margins, the business delivered strong balance sheet growth with loans and advances increasing by 27 percent and deposits also growing by 24 percent.



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