The bank took advantage of increased credit demand in Botswana on the back of infrastructure expansion, the diamond industry, new mining investment and power sector expansion. It targeted the corporate sector for major projects as well as small businesses and the salaried segment. As a result the bank’s assets grew by 54% in 2007, account sales soared 40% and home loans grew by 42%.
The bank’s capital markets team also performed well in 2007. Stanbic won a multi-bank tender for P120m ($14.5m) to expand the country’s biggest colliery. It also arranged a P200m bond for Messina Copper, a P100m bond for the National Development Bank and a P320m bond for the European Investment Bank. Stanbic Bank’s asset management division (of which it owns 50%) also doubled its assets under management after it won a portion of the government’s pension fund.
“Our growth strategy for 2009 is to continue aligning ourselves with key strategic economic drivers that are expected to be the diamond beneficiation industry, the energy sector and the construction sectors,” says Leina Gabaraane, managing director of Stanbic Botswana. “Our branch expansion during 2008 is also expected to contribute to market share growth during 2009.”
