As part of efforts to expand its operations in Nigeria, Stanbic IBTC Plc has indicated plans to improve its retail banking strategy and open more branches in the country.

The Regional Head, Western Region, of Standard Bank (the parent company of Stanbic IBTC), Mr. Lincoln Mali, said this during the inauguration of the bank’s new branch in Gbagada, Lagos.

Mali said his financial institution was aware of the stiff competition in the Nigerian banking sector, especially the retail segment, saying efficiency in service would help the bank in growing its market share.

He said: “We have built our branches fast and as a retail bank, we are looking at our current portfolio, the branches we have and if they are currently positioned because we are planning to build more branches as we are expanding. Our target is not to have the biggest branch network in Nigeria just like in South Africa; it is to have the best branch network.

“In other words, we want to have the network where the customers are offered the right services and have the right people working for us.”

According to him, the bank is not focused on being the biggest bank in the country. He said the bank was determined to deliver quality and efficiency services.

Mali further said Stanbic IBTC would not only be focused on attracting the unbanked population, but also poised to create products that would lure a lot of people in the banking system to its institution.

“We don’t want to focus only on the unbanked and run the risk of losing customers who may be banked and unhappy with their banks, so we have to focus on both. I will give you an example of a small bank in South Africa that did things that made customers move from their bank to the mentioned bank and now the bank is a major contender now.

“Banking is a service game and when people move they move because they were unhappy or the product that you have is better than the other,” Mali said.




http://www.thisdaylive.com/articles/stanbic-ibtc-expands-operations-targets-retail-banking/153688/