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| Business |
| Stanbic Bank says here to stay |
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by
Aubrey Mchulu, 07 July 2003
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16:38:41
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Stanbic Bank Africa Managing Director Simpiwe Tshabalala has said the Stanbic corporate brand launched in Malawi on Friday replacing the Commercial Bank of Malawi (CBM) is here to stay as the bank strives to be part of solutions to Africa’s economic and social problems.
In a recorded speech telecast by video to customers who witnessed the launch in Stanbic’s renovated Blantyre Branch, Tshabalala said the launch of a brand constitutes a promise hence Stanbic promises to provide the highest standard of service to its customers.
He said Stanbic Bank continues to invest in Africa, including the Democratic Republic of Congo, at a time when other multinationals are pulling out of Africa because it believes in Africa.
“Stanbic Bank has been in Africa for over 142 years, so we are an African bank with a global touch and in Malawi to stay,” said Tshabalala, promising Stanbic will ensure to be competitive not only in Malawi but Africa and the world.
He said Stanbic will use local staff to operate the bank at global level because it has confidence in them. He said once in a while, staff from South Africa will provide backup support where necessary.
Stanbic Malawi Managing Director Victor Mbewe said Stanbic bought 60 percent of CBM shares in 2001 and the launch of its blue and white corporate colours, replacing CBM’s baobab tree and green and gold colours, is a culmination of a long integration process that started in 2002.
Reaffirming Tshabalala’s assurance that the bank will retain local staff, Mbewe said Stanbic had been here since the purchase of the majority shareholding but most Malawians, including the press, expected that Stanbic will only be here if Mbewe and senior managers are removed.
“I thought that was a bad wish. The press even suggested that 22 expatriates were on their way to replace our management team but we knew Stanbic does not work like that, it is an African bank, with African roots and a global reach so we kept quiet,” he said, adding that Stanbic has now set up specialised treasury, retail, wholesale and financial services divisions.
Mbewe said most internal changes have been successfully completed and now the bank is unrolling a new computer system which runs in the entire Stanbic and Standard bank network in 17 African countries and beyond.
He said the launch was deliberately hosted in the Blantyre banking hall, which he touted as “the largest in Malawi and one of the largest in Africa”, to give customers the feel of Stanbic and said the ambience in the Blantyre branch and the rest is what they can find in Stanbic branches in South Africa, Uganda and the rest of the 17 countries.
Responding to concerns of shortfalls in the service attributed to the transition, Mbewe said the bank has identified and fixed 80 percent of the problems raised and come November 2003, the time-frame for change, the bank will have dealt will all the problems.
Reserve Bank of Malawi (RBM) Deputy Governor Mary Nkosi said the Stanbic investment is a result of government efforts to address structural interlocking of shareholding in commercial banks which saw major shareholders being major borrowers, a development she described as unhealthy and not conducive to competition.
Stanbic Malawi board chairman Elvas Kadzako challenged the bank to match the ambience with service while one of the customers, business magnate Kassam Okhai welcomed the re-branding but, on a lighter note, said he “will miss the baobab tree and the notion that money grows on trees.”
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