We don’t want to be Ghana’s ‘biggest bank’ – Stanchart MD
One of the top five banks in Ghana says its focus is not to be the biggest bank in Ghana.
Standard Chartered Bank, which is third behind Ghana Commercial Bank and Barclays Bank in terms of assets and profitability says being the biggest bank in terms of assets and profitability is not the key determinants of good leadership in the banking industry, and therefore, it is not seeking to be the biggest in that sense.
In a Citi Business bulletin Monday January 12, 2009, monitored by ghanabusinessnews.com, the Managing Director (MD) of the bank Mr. Hemen Shah said “measures such as return on equity and return to shareholders are the key determinants of leadership and the bank will focus on those areas.”
He said “if you look at our strategic intent, we want to be the world’s best international bank, we don’t necessarily want to be the biggest, we don’t necessarily want to be the largest in terms of assets.”
“The best means, we want to be the most profitable, but not in terms of volume, but in terms of return on equity, returns for shareholders and profit for employees. These are measures where you can compare,” he said.
He said he doesn’t think that the bank will be the best in terms of having the largest balance sheet.
Mr. Shah said the bank wants to target the oil sector and be the best in that sector. He said the bank wants to work with the leading providers in the sector and provide products and services of the best value in the oil sector.
“If you take size, we will not be the best in the sector,” he said.
By Emmanuel K. Dogbevi