Standard Bank has acknowledged that it made a mistake by closing some of its 90 branches. But it still insists that most of its customers use digital banking and do not visit the branches.
The bank’s CEO, Sim Tshabalala says the decision to close the 90 branches was mainly because most of its customers had moved to digital banking.
Tshabalala says over 1 000 staff members have either been retrained or redeployed.
“The vast majority of our customers are not visiting branches, and so, what we have done in the process is to understand where that’s the case. I have to admit that we have made mistakes along the way. There are certain communities where we should have not closed branches. We got it wrong and for that I have to apologise. We’re needing the branch.”
But the bank’s spokesperson Ross Linstrom says no decision has been reviewed about reopening those branches.
The bank headline earnings per share is up by 5% to 837 cents per share. Its banking activities recorded strong growth in headline earnings increasing from zero percent to 2,8 percent.
Standard bank says its personal and business banking in Africa is the fastest growing business.
The bank has admitted that the trade war between China and the United States will have a negative impact on its business operation.
NB: Please note this article has been modified on 10 August 2019.