of banks. hitherto, there were only three commercial banks operating in botswana. in 1991, two additional commercial banks were licensed, namely, anz grindlays botswana limited and zimbank botswana limited. a year later, in 1992, the bank of botswana granted unionbank botswana limited, a subsidiary of standard bank of south africa, a banking licence, making it the sixth licensed commercial bank in the country. shortly thereafter, in the same year, unionbank merged with anz grindlays, each with an initial capital of p10 million, to form the bank we know today as stanbic bank botswana limited. director of ceremonies, today, 25 years on, stanbic bank is ranked 4th among the 10 commercial banks operating in the country, in terms of staffing, branch network, capital and deposit liabilities. from a modest beginning, with only 24 employees in 1993, stanbic bank currently employs over 600 staff members across 10 branches, and serves in excess of 80 000 retail and business customers. the bank asset base has grown significantly, from p138 million in 1993 to p12 billion as at december 31, 2016. during the same period, the bank has also consistently made profits ; with its net income after tax increasing from p2. 2 million in 1993 to p192 million in 2016. at present, stanbic bank is regarded as one of the systemically important domestic banks operating in botswana, with a 15 percent market share of total banking industry assets and deposits. distinguished guests, stanbic bank offers a wide range of traditional and innovative corporate, retail and investment products and services including, more recently, like some of its peers, the introduction of on - line and mobile banking services. i have no doubt that these technology - based platforms, products and services will enable stanbic bank to continue to be a significant player in the industry and broader economy, as well as adapt to the emergence of financial technology ( fintech ) operators for the benefit of customers and the economy at large. somewhat uniquely, while embracing technology - based banking, stanbic bank continues to reinforce its position in corporate and investment banking. amongst other awards in the recent past, it was named the best investment bank in botswana in the 2016 europe, middle east and africa ( emea ) finance african banking awards. congratulations, once again. distinguished ladies and gentlemen, another highlight is the evolution of leadership and governance at stanbic bank. notably, the chief executive position was localised in 2008 with the

appointment of mr gabaraane, while the majority of the bank ’ s board members ( six out of 10 ) and 80 percent of the senior management staff of the bank are citizens. these are significant developments in two respects : first, they reflect the attention given to staff development and enhancement of relevant skills across the spectrum of banking operations ; and, second, the alignment of leadership, management and operational processes to the local context, in order to better serve the domestic economy. i can confidently state that, based on the latest statutory returns submitted monthly and quarterly to the bank of botswana, the bank is solvent, profitable, well governed and prudently run, in the main, by batswana. director of ceremonies, in the area of corporate social responsibility, stanbic bank has a long - standing relationship with the cheshire foundation ; it donated therapeutic equipment to the rehabilitation centres ; mosquito nets to the ministry of health to fight malaria ; and a mobile clinic for the shakawe community and surrounding areas. i am informed that the bank also supports vulnerable groups, such as orphans and underprivileged children, through various initiatives, including a partnership with sos children ’ s village, st peters day care centre, metsimotlhabe recreational centre and kagisano women ’ s shelter, as well as promoting culture, arts, health and wellness. distinguished guests, there is, however, one missing part of this good story, namely that, unlike its peers, stanbic bank is not listed on the botswana stock exchange. to be clear, the bank of botswana does not prescribe that the shares of banks operating in botswana be listed on the domestic stock exchange. this is consistent with accepted best practice and governance norms that the board and management of individual firms should be allowed to determine the appropriate capital structure and economic capital management for a bank, subject, of course, to meeting the minimum thresholds for prudential regulatory capital adequacy requirements. that said, the non - existence of stanbic bank on the domestic bourse could be misinterpreted to mean lack of long - term commitment and willingness to have the botswana public participate in the ownership of the bank. this point assumes particular significance in the context of a country where all the 10 licensed commercial banks are subsidiaries of foreign - owned entities. distinguished guests, ladies and gentlemen, stanbic bank is a wholly owned subsidiary of standard bank group, the largest panafrican banking group by assets amounting r1. 95 trillion