Standard Chartered Bank Botswana has established Standard Chartered Education Trust Fund – a citizen empowerment initiative meant to conduct a variety of public benefit activities within the country in a non-profit manner to uplift lives and societies.
The trust, which was established by Deed of Trust on December 4th 2014, will conduct activities that include promotion of educational activities and offer scholarships or bursaries in the fields of business and management studies, economics, asset management, private equity and venture capital among others.
Launching the Trust Fund, the bank CEO Moatlhodi Lekaukau said education is one of the key focus areas of the bank’s community investment agenda and as such, the establishment of the Trust confirms the commitment in ensuring that every Motswana is given the opportunity to enhance their skills through quality education.
The newly established trust is independent from Standard Chartered Bank Botswana Limited and holds 0.84 percent shareholding in the bank, making it one of the top 10 investors in the bank.
Moatlhodi explained that the Trust, which is worth more than P30 million, acquired the shares in an off market transaction and was fully funded by the Standard Chartered Bank Group.
Moatlhodi added that the Trust will be able to benefit from the shareholding by way of dividends paid value appreciation, explaining that the Trust will be a shareholder just like any other shareholder within the bank. The Trust will be managed by an independent board of trustees.