Barclays, the Market Leader

Barclays customer deposits rose from ?1,344 billion in 2000 to ?1,721 billion to maintain its position as the biggest bank in Ghana. The growth underscores the confidence customers have in services the bank provides in its 25 outlets throughout the country.

Mr. Kobina Quansah, Managing Director of the Bank says the results achieved are pleasing because the year 2001 presented a number of challenges.

"We were able to respond successfully to the challenges and in the process, have laid a solid platform to deliver sustainable, profitable growth in the future," he said.

He pointed out that performance in all the Bank's main segments was positive leading to increase in profit before tax from the ?192 billion in 2000 to ?256 billion in 2001.

Underlying that performance, he said, was a 28% growth in customer deposits from ?1,344 billion to the ?1,720 billion again reflecting the improved service levels, highly reliable delivery channels and processing systems that the Bank continues to provide its customers.

Mr. Quansah said: "The investment Barclays Bank made in the last few years in its IT infrastructure has provided management with the platform on which to develop new technologically driven products to meet its customers' ever-changing needs. We successfully launched the US Dollar Visa Card, a card which provides an easy way to settle all types of expenditure any where in the world".

Barclays' objective of being the market leader in the eyes of its customers in their chosen segments is firmly on course and it is driven by its philosophy of customer primacy.

"In furtherance of this objective", Mr. Quansah said, "we rolled out a new consistent banking product set for our personal customers, strengthening the customer proposition", adding, "we also opened two new Prestige Banking Service outlets bringing our Prestige Centres to five with a membership of four thousand.

Additionally, Barclays has responded to the growing sophistication of its financial markets with the formation of specific merchant banking capability and specialist team supporting its large and multinational customers. Barclays has been a key partner in the country's drive for economic growth.

Over the last few years, the corporate team of Barclays has led the COCOBOD Financing syndication and got involved in various credit arrangements with the Volta River Authority (VRA), Ghana Telecom, Pioneer Food Cannery, and Ghana Civil Aviation Authority to mention a few.

Barclays continues to provide innovative cutting edge trade and cash management solutions to meet the challenges faced by its corporate customers. Business Master International (BMI), and Pay Direct are the latest in its management product offerings.

"Our diversity along product lines, customer segments and markets throughout Africa enables us to leverage the benefits of Barclays capabilities to the advantage of our customers," says Mr. Quansah pledging, "We intend to give all our customers an unbeatable range of products and quality of service - offering them what they want, when, where and how they want it.

"We will continue to develop propositions to meet our customer needs, by leveraging the Internet and telephone as emerging delivery channels," he adds.

The Bank's corporate social responsibility, which has always been central to its values, is to be maintained to make it the leading contributor to the communities in which it operates. In keeping to its pledge to donate 1% of profit before tax per annum, the Bank distributed over ?1 million (one million pounds sterling) to worthy causes across 10 main operating countries and in Ghana, Barclays continued to support the community in different areas from areas from assistance to the disabled, to education.

In 2001, Barclays Africa entered into a three-year Pan African Community partnership with Voluntary Services Overseas (VSO), working together to combat HIV/AIDS in Africa. The co-ordinated programme of community support focuses on education, HIV/AIDS and the disabled. A sponsored walk was also organized in December for the staff to raise funds to support AIDS orphans in Ghana, a programme which is to be carried to the regions to raise more money in the coming year.

Mr. Quansah says the Bank expect improvements in the country's macro-economic fundamentals in 2001 to continue in the coming year and move a step further to boost the level of economic activity and to offer opportunities for business growth.

He said the Bank is mindful of the fact that 2002 may come with fresh challenges but will not destabilize its strategy to build upon its good performance to date. "We will continue to pursue growth strategies and improve upon customer satisfaction to enable us to deliver superior, sustainable returns to our shareholders," Mr. Quansah pledged.