TanzaniaInvest had the pleasure of interviewing Ken Cockerill, Chief Executive Officer (CEO) of Stanbic Bank Tanzania. Cockerill discusses the goings-on in the banking industry of Tanzania, the bank’s expansion strategy and the current trends in the Tanzanian economic and business climate.
TanzaniaInvest (TI): Standard Bank Group (JSE:SBK) is the largest African bank by assets, and operates in 20 countries across Africa. The group has been operating in Tanzania under the Stanbic Bank brand since 1995, following the acquisition of Meridien Biao Bank. What is the importance of the Tanzania market for the group?
Ken Cockerill (KC): We see Tanzania as an important growth opportunity. If you look across the African continent, countries in East Africa, and in particular Tanzania, have reflected consistently high growth rates over the last decade, and we expect that to continue in the years ahead. The Tanzanian economy is diversified, and that’s currently an advantage The Tanzanian economy is diversified, and that’s currently an advantage, as opposed to certain other countries that are more reliant on oil and other primary commodities.
TI: What are your main goals in Tanzania?
KC: First and foremost, we need to achieve an acceptable return on equity (ROE), in excess of 20% over the next few years. We intend to achieve this by consistently delivering exceptional customer experiences, and thereby growing our customer base and market share. At the same time we recognize that in order to achieve our aspirations, it is imperative that we contribute to the long-term viability and success of the communities in which we operate, by facilitating economic growth and social development.
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