26 Jun 2017

 The chairperson of the board of directors of Barclays Bank Botswana has announced plans to step down from the chairmanship of the bank and retire from the board at the end of this month.

Speaking at a media briefing, Mr Rizwan Desai said he was privileged to have served as chairperson of the board since 2009, and had taken the decision to step down before his term came to end in June 2018.

He said although the position of chairperson was an independent non-executive position, the governance structure and business side of the bank as well as the size of Barclays Bank required a lot of commitment and dedication to the affairs of the bank on an ongoing basis.

“Some of you may be privy to the fact that I am a practising lawyer and that I have recently formed my own law firm. I feel it is incumbent upon me to give my undivided attention to it,” he said.

He said the law firm was growing fast and had stakeholders and employees whose interests he had to progress and protect.

Mr Desai said he took the decision so that he could focuse on his law firm, and not to be torn between his personal interests and those of Barclays Bank because both required dedication.

He said he had already informed his fellow board members, senior management at Barclays Bank Botswana and Barclays Africa Group and that they had all accepted his decision.

He said the second reason why he decided to step down was to give a chance to someone else to step in and revolve the board.

“This is in line with best practices in governance around the world. Equally, I feel that as chairman of the bank I must take the lead in showing what good governance and best practice is,” said

Mr Desai, adding that he wanted to set an example and not stay on forever as chair of the board.

He added that it was time for new leadership to step in and take the bank to even greater heights.

Mr Desai noted that he had been chairing the board since 2002, and that he would take the experience with him to his new ventures.

“The bank is in a good place and I am privileged to be leaving it in that position, and I must thank our customers, management, colleagues and stakeholders for the vote of confidence in me over the years,” said Mr Desai, adding that he did not take the trust lightly and that he served to the best of his abilities.

He said Mr Oduetse Motshidisi would take over as acting chairperson on July 1 and guide the bank through its transition and substantial announcement of a new chairperson of the board.

The managing director of Barclays Bank of Botswana, Ms Reinette van der Merwe said Mr Desai stepped into the role of chairperson just after the global economic crunch.

“I think he was a very brave man to take on the bank at those turbulent times. He has played a big part and role in Barclays,” she said, adding that the bank would miss his legal mind.

“He is one of the sharpest lawyers I have worked with and he has added real value to the bank over the time he has been with the bank. He has given me support from the time I came in, and he has always set the bar of what the bank should achieve,” she said. ENDS