SCB in Great Shape Says CEO

Friday, May 22, 2009

22nd May 2009 Issue
As the Bank Holds AGM

Standard Chartered Bank (SCB) one of the leading banks in the country, last Monday May 18, 2009 held its 31st Annual General Meeting (AGM) at a colorful ceremony at the Kairaba Beach Hotel in Kololi. The Annual General Meetings attracted several shareholders of the bank and other stakeholders across the country.

The meeting also adopted the reports of the Board of Directors and then witnessed the re- election of Mr. Momodou A.B. Senghore as the bank's Chairman.

In his Annual report, Humphrey Mukwereza CEO and Managing Director of the Bank, said that the year 2008 witnessed unprecedented turmoil in the global financial markets, particularly in the second half to a large extent, the world is now facing Economic Crisis that is Inter-linked with the financial crisis. Notwithstanding, he continued, the turbulence, financial shocks and uncertainties in the global financial Services industry and rapidly increasing local competition, the bank have again delivered satisfactory financial performance and outstanding achievements in 2008.

"We won the 'bank of the year's award from the Banker Magazine for the 3rd time in six years and we also won the best foreign Exchange Bank Award," he said.

From global financial, we started 2009 with confident but not complacent. The Bank is in great shape and both businesses have begun the year well. 2009 will be a challenging year but it will also be exciting, with new opportunities emerging alongside new challenges he noted.

Also highlighting on the Consumer Banking, Mr. Mukwereza asserted that in 2008 the consumer Bank consolidated and built on the gains of the previous years. "The team focused enhancing the overall experience of clients and staff, the launch of two new products and services developing and leveraging our network of branches and ATMs to improve productivity levels and effectiveness.

In addition we launched another first in the market,  "Super Saver Account' which provides checking facilities on a savings account paying higher interest rates" SCB boss revealed. He pointed out that a key part of Standard Chartered 's Consumer Bank Strategy in Africa in 2008 was focused on increasing market share and profitability of the SME and Wealth Management portfolios hence we introduced a number of SME customers to our Bank platform which is on internet Banking.

Also in his annual report Momodou B. A Senghore, Chairman of the Standard chartered Bank, has said that the management team and our talented staff have been delivering this performance against a backdrop of turmoil and dislocation in the global financial markets and an increasing competitive environment'. 'The Bank has delivered another year of strong achievements, showing that our investment programme over the last few years is beginning to pay off. "The highlights of the Bank's performance are income GMD371million profit before tax; GMD135 million and earning per share 132 bututs.

'These results are a reminder of Standard Chartered Gambia's transformation over the last few years and its enormous potential. He said in February to commemorate world malaria day, 70 staff Volunteers to clean the surrounding areas of the Serrekunda Branch. ' The head of legal and compliance, Kumba Semega Janneh, in June 2008 facilitated training Sessions on prevention measures for anti-money Laundering, terrorist financing risks and controls for over 40 new inspectors of the Gambia police force in order to share best practice on the Bank 's Anti Money Laundering and anti Terrorism financing frame work.

He said that the Bank in order to promote Excellence in Science and technology in our youth, 'we donated 100 books to Albion Lower Basic School as well as the prizes of excellence for outstanding Students in Mathematics and English , Science , and Social Studies  at their 3rd Speech and price giving Ceremony. '

"Standard Chartered Bank in October 2009 in collaboration with our local seeing believes partners, Sight Savers, Sheikh Zayed Regional Eye Care Centre, and the Department of State for Health and Social Welfare organised a friendly fundraising football match against the National Scorpion's Fans Club and raised almost GMD 350,000.00 to treat 300 people needing cataract operations in The Gambia.   

Author: Bakary Samateh