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Shared Growth: You Grow, We Grow

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Shared Growth: You Grow, We Grow Shared growth: You grow, we grow. Barclays Bank of Botswana Limited 2016 Annual Report Contents Barclays Bank of Botswana Annual Report 2016 Our Goal Barclays Bank is a leading financial Chairman’s Statement 02 services provider that has been operating To be the Bank of Choice Managing Director’s in Botswana since 1950. Our listing in the Report 06 Botswana Stock Exchange demonstrates our Our Purpose Country Management Committee 12 commitment to this country and its people. To help people achieve their Financial Director’s ambitions in the right way Report 16 We offer Retail Banking services such as Corporate and Investment Banking 20 transactional banking solutions, savings and Our Values investments, foreign exchange and lending Retail and Respect | Integrity | Service Business Banking 22 amongst others. Similar services are also Excellence | Stewardship Treasury and Balance offered to our Business Banking clients in the Sheet Management 26 small to medium enterprises and commercial Citizenship Report 28 sectors. Respect Risk Review 34 We respect and value those we work with, and the contribution that they make Human Resources Review 35 Our Corporate and Investment Banking services clients in large corporations and Board of Directors 38 Integrity companies such as multinationals and public We act fairly, ethically and openly in all we do Corporate Governance 40 sector. The tailor made solutions we offer include asset financing, cash and liquidity Annual Service management and trade finance. We put our clients and customers at the Financial centre of what we do Statements Excellence Directors’ In addition to asset and liability management, We use our energy, skills and resources to Responsibilities deliver the best sustainable results and Approval 48 capital, funding and liquidity management for the Bank, our Treasury unit offers foreign Corporate Governance Stewardship Statement 49 exchange services to our clients. We are passionate about leaving things Independent Auditor’s better than we found them Report 50 Director’s Report 56 Statements of Comprehensive Income 59 Accolades: Statements of Financial Position 60 Statements of Cash Flows 61 Acquisition Barclays 2016 Lafferty Statements of Changes in Equity 62 International: Africa Group Global Award Accounting Policies 64 Bank of the Limited: 2016 for Excellence Use of Estimates and Judgements 78 Year 2016. Citizenship in Retail Notes to the Annual Financial Statements 80 Award in the Banking: Annexure to the Annual Financial Statements 157 Client and Barclays Value Added Statement 158 Customer Africa. Notice to Shareholders 159 Category. Proxy Form 160 Celebrating 50 years of independence, 66 years of banking Our journey... 1950 First agency opened in Lobatse To 50 Years of Prosperity Barclays Bank is proud to have been in Botswana for over 6 decades. Our contribution to the development of our beloved country and the growth of its people is longstanding. We grew 1953 from servicing clients in a mini bus, to 34 branches across the country and employ more than 1,100 Establishment people today. of sub branch in Botswana remains our destiny and we remain Francistown committed to making her people’s lives better. We deliver on this commitment through our Shared Growth Strategy; when communities prosper, we also prosper. You Grow. We Grow. Prosper. 1966 4 full branches open 1 Barclays Bank of Botswana Annual Report 2016 Chairman’s Statement “One of the key privileges I have enjoyed as Chairman of the Board of Barclays Bank of Botswana is to lead a Board and Bank that have good standing and status in the Botswana market.” Rizwan Desai Chairman 2 Chairman’s Statement | Managing Director’s Report | Country Management Committee | Financial Director’s Report Corporate and Investment Banking | Retail and Business Banking | Treasury and Balance Sheet Management Citizenship Report | Risk Review | Human Resources Review Board of Directors | Corporate Governance Dear Shareholder, We are therefore, excited to welcome Oduetse Motshidisi and Tobias Mynhardt to the Barclays Board as our newest Non- The year under review was an equally challenging and Executive Directors. Their appointments have immensely exciting year for the Board of Directors of Barclays Bank of strengthened the Board, enhancing its ability to provide Botswana and the banking sector in general. The economy strategic focus and take the business forward. was characterised by subdued growth, shifting economic policies and heightened uncertainty. Despite the difficult Oduetse worked in the public service and USAID (Botswana), global and local economic environment, we remained before joining the Bank of Botswana in 1989. Prior to joining focused and resilient in delivering shareholder value. Barclays Board, Oduetse was Deputy Governor of the Bank Accordingly, my fellow Board members and I are pleased to of Botswana for 15 years. Whilst at the Bank of Botswana, present an impressive set of financial results. he was directly involved in all aspects of central banking and contributed to the burgeoning development of the financial These 2016 financial results demonstrate that our five-year sector in Botswana. He has also served on the Board of the transformation strategy is now coming to fruition. In the year Motor Vehicle Accident Fund, the Botswana Stock Exchange ahead, we will continue to strive to achieve our ambition and the Botswana Institute for Development Policy Analysis. of being the Bank of Choice in Botswana. We believe that we can meet these high expectations with the appropriate Board composition, strong leadership, engaged colleagues, a superb product offering, promotion of excellence in service delivery, and strict adherence to regulatory compliance P198.8m requirements. Shareholders’ equity 2016 shareholders’ equity up 12.9% to P1.744 billion Overview from P1.423 billion in the previous year. One of the key privileges I have enjoyed as Chairman of the Board of Barclays Bank of Botswana is to lead a Board, and a Bank that have good standing and status in the Botswana market. It is a privilege that of course, also brings with it great responsibility towards the Bank’s multiple 22.3% stakeholders. The financial services sector in general, and the banking sector in particular, will continue to be increasingly Return on Equity (RoE) regulated and scrutinised around the world. Customers will progressively accept nothing short of full accountability from their banks, while investors will continue to expect a growing return on equity. This also holds true in Botswana’s banking sector. These demands on the banking sector require every bank to have a well-articulated governance Our journey... and sustainability strategy. Barclays Bank of Botswana is a long-term sustainable partner to Botswana, having been in the country for more than six decades. We are committed to adhering to the most stringent regulatory controls around how we operate, as well as the products we offer to the 1975 Botswana market. The Bank was incorporated locally Governance operating as an autonomous, wholly- One of the Board’s key focus areas in 2016 was to strengthen owned subsidiary of Barclays Bank PLC and its governance capabilities by bringing on additional Non- managed from a head office in Gaborone Executive Directors to broaden its skills sets and expertise. 3 Barclays Bank of Botswana Annual Report 2016 Chairman’s Statement | Managing Director’s Report | Country Management Committee | Financial Director’s Report Corporate and Investment Banking | Retail and Business Banking | Treasury and Balance Sheet Management Citizenship Report | Risk Review | Human Resources Review Board of Directors | Corporate Governance Oduetse thus brings a wealth of experience and expertise in Barclays Bank PLC Sell-Down the finance, banking, economics and public sectors, as well In March 2016, Barclays Plc (PLC) announced its intention as corporate governance. to reduce its shares in Barclays Africa Group Limited (BAGL) to 20%, or below. It is imperative to emphasise to our Tobias has been in the investment industry since 1998, and stakeholders that this reduction of shareholding by PLC will has been a Cash Bazaar Holdings Group (CBH) Managing not take place at the Botswana level, but rather at BAGL level. Director since 2003. CBH has investments in a number of Consequently, it will not affect the shareholding structure of industries including property, retail and tourism. He is also Barclays Bank of Botswana.Furthermore, as the Board of the the Managing Director of New African Properties Limited Bank, we are staying close to the process to ensure that the and Deputy Chairman of Furnmart Limited, both of which sell-down will be conducted in a manner that will not have are listed on the Botswana Stock Exchange. Tobias brings a any unnecessary impact on our stakeholders. wealth of experience in a number of key sectors in which the Bank operates and aims to grow. Barclays Bank of Botswana is a company listed on the Botswana Stock Exchange, with an array of citizen owners We are indeed privileged to have Oduetse and Tobias on the and 67.82% of its shares owned by BAGL, which is listed Board. on the Johannesburg Stock Exchange. Although the shareholding of BAGL will change as a result of the PLC Results sell-down, it is important to note that Barclays Bank of Our 2016 financial results are not merely positive numbers. Botswana has its own balance sheet, capitalisation, liquidity They are, in fact, strong results. Barclays Bank of Botswana is ratios and its own market reach and spread. Therefore, for much like a big tanker, which takes time to turn. But we have the most part, it will be business as usual for Barclays Bank certainly turned it and we are on the right course, heading of Botswana and its various stakeholders. I believe that the towards even greater success; thanks to the leadership of the PLC sell-down presents an opportunity for BAGL and its Board, our Managing Director, Reinette van der Merwe and subsidiaries, including Barclays Bank of Botswana, to form a her colleagues who continue to do an outstanding job.
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