Standard Chartered Bank Botswana (SCBB) is leveraging its unique position as the only international bank in Botswana to drive growth.
Speaking at the bank’s financial announcement recently, StanChart Head of Corporate, Commercial and Institutional Banking (CCIB), Asuquo Nkposong, said the bank boasts a unique position in the market. “We have a very unique position in this market, and in some instances are the only bank that offers some services,” he said. “One of the things we have done is to focus on using our unique advantage to also drive our strategy. This year profitability has grown by 300 percent and last year it went up 12 times.”
Nkposong said StanChart offers more than banking services and goes beyond advising its clients on how to build themselves from specific situations. “For example, we all know that ESG is very topical and important to us in terms of the environment,” he said. “We are providing advisory to some of the biggest corporates here in terms of how they can transition from what they are currently doing to ESG alignment. We have the best digital platforms for corporates in Botswana, and it is an award-winning platform.”
Not leaving Africa
While the StanChart Group has previously announced the exit of its operations in markets like Angola, Cameroon, Gambia, Sierra Leon, and Zimbabwe, Nkposong said this does not mean the bank is leaving the continent.
“Because we are selling our onshore business in those markets, which we have advised over a year ago, it doesn’t necessarily mean that we are leaving those markets,” he averred. “We will continue to provide services within these markets. We are still investing a lot in Africa.” With around 44 countries in Sub-Saharan Africa, Nkposong said from a cash management perspective, StanChart is servicing 60 percent of that region. “We are the biggest international bank in Africa and the only bank that can provide that capability,” he asserted.
From a Botswana perspective, Nkposong said the country is in a strategic position for StanChart to continue serving the African market. Moses Rutahigwa, Head of Consumer, Private & Business Banking (CPBB), said StanChart’s pursuit of becoming digital is beginning to bear fruit. “We are continuing to refine our processes to make them simpler and fast as possible and are beginning to see the benefits of these coming through,” he said.
As the only international bank in Botswana with an investment advisory and multi-asset investment platform, StanChart says it continues to onboard additional mutual funds to offer a diversified portfolio to our clients. According to Rutahigwa, StanChart is committed to growing wealth for its clients as the bank believes that everyone should prepare for today, tomorrow, and beyond. He said the bank does this in five pillars, namely Discipline, Diversification, Time in the Market, Risk and Return, as well as Protection.