FNBB appoints Bogatsu MD

First National Bank Botswana (FNBB) has appointed Steven Bogatsu as Managing Director effective March 2015 to continue the path to profitability for the largest listed commercial bank in the country.

Bogatsu made a big move in May 2013 when he was appointed Chief Executive Officer of First National Bank Swaziland and observers say the former Chief Finance Officer at FNBB was assigned the Swaziland role as part of a strategic move to prepare him for a larger and more challenging role as FNBB chief. Having been tried and tested Bogatsu was regarded the best suitable candidate to replace Lorato Boakgomo-Ntakhwana at the largest bank with a market capitalisation of P9.3 billion. Boakgomo-Ntakhwana  is currently working at FNB in South Africa.

Botswana Guardian has learnt that Bogatsu ‘s appointment is still a closely guarded secret as the bank authorities both local and abroad continue to make final arrangements for him to depart Swaziland. Further reports reaching this publication indicate that both the Board of Directors and Bank of Botswana Supervision have agreed on Bogatsu as a suitable replacement for Boakgomo-Ntakhwana. Cabinet is also believed to have endorsed the move, which marks the bank’s stamp of confidence on locals. In the past Botswana commercial banks have come under scrutiny for ‘make-believe’ localisation programmes.

Financial commentators questioned why the banks, which have a longer presence than other financial institutions in Botswana, were failing to localise top posts whereas young Batswana executives head asset management companies, which handle assets worth billions under their management. Botswana Guardian has reliably learnt that Bogatsu will be deputised by an experienced South African Barry de Wet to guide him and avoid potential slippages that come with the territory.

Barry de Wet is currently Chief Executive Officer of Commercial and Corporate banking at FNB South Africa. Bogatsu brings with him a wealth of banking experience after working for the bank and other reputable financial institutions for years. Those who know him say his leadership track record assures the bank of a continuation of a solid execution and commitment to customers through delivery of innovative products and exceptional customer service.

Previously Bogatsu held the position of Director - Product Houses FNBB responsible for asset creation, Chief Financial Officer (FNBB ) from January 2007 to September 2012 at Gaborone Head Office. He was Head of Finance at Stanbic  Bank Botswana (Standard Bank Group) from October 2003 to December 2006 and Financial and Business Analyst at Barclays Africa Finance from March 2002 to October 2003.

Before then he worked as aProject Accountant for Breweries (subsidiary of SAB) from May 2001 to March 2002; Management Accountant at Kgalagadi Breweries October 1999 to April; Group Internal Auditor KBL June 1998 to October 1999 and Senior Auditor Ernst & Young February 1994 to June 1998. Bogatsu holds ACCA and Msc from Botswana Accountancy College and University of Derbyshire.

He is expected to continue Boakgomo Nthakwana’s legacy by providing strategic direction and leadership focus for the bank. FNBB Marketing and Communications Director, Bomolemo Selaledi could not say much save that: “We are still waiting for the board  to make an announcement on who has been appointed as FNBB Managing Director.” Efforts to contact both Boakgomo-Ntakwana and Board Chairman, Peter Stevensen were not successful. By close of business on Wednesday FNBB remained flat as it traded at 365-thebe-per share.