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Bill Blackie
News 20 Jul 2023

Stanbic commits to local business growth

Stanbic Bank says it is committed to focus on the growth of local businesses and is well positioned to offer fit for purpose banking services to local businesses in the country.

Speaking during his country visit to Zambia, Standard Bank Chief Executive Officer for Business & Commercial Banking, Mr Bill Blackie said that Standard Bank, Stanbic’s parent company understands the importance of home-grown businesses to the economic growth of a country and that the Bank is well positioned to facilitate growth throughout Africa.

He expressed positive sentiment, highlighting that as a Bank rooted in Africa and with a footprint in over 19 African countries, Stanbic Bank is well positioned to be the country’s “dominant business bank” in supporting local business growth imperatives.

Engaging stakeholders in Zambia

The visit to Zambia is part of Standard Bank’s programme to undertake visits to its operations in various countries across sub-Saharan markets and is aimed at engaging with local business sectors and stakeholders including regulators and Governments on the outlook and support to the Enterprise sector.

Following meetings  with Commerce, Trade and Industry Minister, Hon. Chipoka Mulenga, Bank of Zambia (BoZ) Governor, Dr. Denny Kalyalya Mr. Blackie and the Group Business & Commercial Banking leadership stated that  the Standard Bank Group, believes Zambia has  has huge potential in growing its local business sector Citing his visit to the North Western Province and Kalumbila Mine, , Mr Blackie noted  the immense potential of local businesses and that how Stanbic Bank is ready to deliver relevant business products and services that are geared to greatly benefit the growth of the sector.

The meeting with the Minister of Commerce was very clear on policy direction and has a clear vision of what he wants to see in the economy, and we are excited to see how we align and support Government on the vision.

As the largest bank by assets on the continent, we believe we have a responsibility to drive Africa’s growth – therefore we welcome the opportunity that this Forum presents, to explore how governments and the private sector can work towards a practical cross-border framework, on which to build the institutions, systems and practices capable of uniting Africa’s business potential into a continental force for growth.

A meaningful engagement at First Quantum Minerals (FQM) Mine in Kalumbila District

The Group BCB leadership undertook to First Quantum Mine Sentinel Copper Mine operation in Kalumbila, Mr Blackie also reiterated the Bank’s support to make sustainable financing available to continue supporting Zambia’s mining sector and the ecosystem.

Mr Blackie stated that he was impressed with the scale of the mining at Kalumbila and to note the high-quality, high-grade mining operation.  He noted that the Bank’s goal is to ensure we secure the financing and the commercial liquidity that can support the mining entities, that will help the suppliers and contractors to deliver.

Business Banking has increasingly promising potential

Mr. Blackie added that the engagements with clients and other stakeholders are always beneficial to understand their perspective and that the Bank’s purpose is to build the right business in the context of the environment in which we are operating. He stated that in every country in which Stanbic Bank operates in, Business and Commercial Banking is the fastest growing segment.

He also noted that the biggest gap observed is in the emerging and developing manufacturing industry beyond mining and agriculture and that the Bank will support the development of the stated sectors which will benefit the economy and be less dependent on imports and the foreign exchange demand on imports.”