Stanbic directors pocket over P8 million

A whopping P8.1 million was paid to Stanbic Bank Botswana Directors in 2012 as directors’ emoluments according to the bank’s latest annual report seen by BG Business.

During the financial year, Leina Gabaraane the Chief Executive Officer (CEO) of the unlisted bank saw his bank account becoming fatter with over P4 million, an increase from the P3.6 million he was paid in the 2011 financial period. Gabaraane, who holds a Masters of Business Administration has been with Stanbic since 2002. Further, Stanbic’s Head of Corporate and Investment Banking Tasha Ferreira also saw his account bubbling with P3.1 million in 2012, being the second most paid after the chief executive.

Stanbic bank, which is 100 percent owned by the Standard Bank Group, paid the two executives a total of P7.2 million in 2012. According to the report, Gabaraane, also a finance graduate from the University of Birmingham earned a total salary of P340 500 every month, while Ferreira earned P260 500 every month.

Meanwhile, non-executive directors were paid a total of P916 000 in respect of the services they rendered to Stanbic bank during the period, bringing the total directors’ emoluments to P8.1 million. Among the non-executive directors in Stanbic Bank is prominent Gaborone private attorney, Parks Tafa also Chairman of Stanbic. He was paid P79 000 while Charles Granville, also director at Fulmer Agencies was paid P169 000. The others are Jennifer Marinelli, a director in various companies within Sefalana Group Holdings, who went away with P235 000, while Orefitlhetse Masire a director and shareholder at Butterfield Bakery was paid P187 000.

William Stocker, a partner at Stocker Fleetwood Bird, former Chief Justice Julian Nganunu is among the monetary recipients from Stanbic. Meanwhile this comes at a time when the bank led by Gabaraane performed well growing the 2012 profits after tax to P258 million, an impressive 35 percent growth from the P167 million seen during the previous financial period.

Gabaraane has managed to keep Stanbic bank within Botswana’s big four banks bracket coming after First National Bank Botswana (FNBB), Barclays Bank Botswana (BBB) and Standard Chartered Bank Botswana in that order. He has managed to grow the bank’s profitability from only P108 million in 2010. Currently the bank handles over 77 000 customers, with employees exceeding 580. While the bank’s total assets exceed P10 billion, it also manages a loan book that exceeds P6 billion.

Last modified on Friday, 06 September 2013 13:37

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