Stanbic Bank names Kwamina Asomaning as new CEO

Asomaning is taking over from Alhassan Andani, who is retiring on 30 November after steering the affairs of the bank for the past 14 years

The board of Stanbic Bank has appointed Kwamina Asomaning as its new chief executive officer, effective 1 December 2020, a statement from the bank has said. This follows approval of the board’s decision by the Bank of Ghana.

Asomaning will replace the outgoing CEO, Alhassan Andani, who is retiring on 30 November after steering the affairs of the bank for the past 14 years.

Until his appointment, Asomaning served as the executive director of corporate and investment banking. He has also been a key member of Andani’s team for the past ten years.

“I am very happy to have worked with an amazing team for close to a decade and a half to achieve many of our targets. We overhauled our bank and rose to the very top of the industry. We are a family that looked after one another to achieve greatness, thereby placing Stanbic at the pinnacle of excellence in banking,” Andani said.

“As with all races, it is now time to hand over the torch to my successor, who will see Stanbic Bank into the next level of banking excellence. I have worked with Kwamina for a decade and I am happy to have him push Stanbic to the next stage. His ability and work ethic will stand him in good stead as an excellent chief executive.”

Under Andani’s tenure, the bank’s size of operation and staff strength grew in leaps from a two-branch operation with 150 staff to 40 branches with over 1,600 staff.

He has also led the bank to win most of the coveted industry awards. These include the Ghana Club 100 number one company ranking, the Chartered Institute of Marketing-Ghana Bank of the Year, Marketing-Oriented Company of the Year, Products of the Year and many Africa Banker and EMEA Finance magazine awards.

Ernest Aryeetey, chairman of the board of directors, said: “The board is grateful to Andani for his contributions to the bank’s growth. He is leaving at a time when Stanbic is well positioned to contribute to the nation’s economic development. Andani led the bank with dedication and integrity to transform Stanbic into its current enviable position as a market leader that grows its people.

“The board believes Kwamina is the right candidate to carry the mantle of Andani to the next level. He has extensive exposure across the business, and we are of the firm conviction that he will serve this bank very well,” Professor Aryeetey said.

“I am humbled and honoured to be selected by the board of the Bank as the next CEO,” Asomaning said. “I have spent the past ten years working closely with Alhassan Andani, and I thank him for his visionary leadership, which has positively transformed the bank.

“In this next chapter, I commit to advancing the bank’s focus on delighting its clients, contributing to national development, and giving back to society.  I look forward to working collaboratively with all our stakeholders to deliver Stanbic’s purpose, which is to drive the growth of Ghana, our home.”

Since joining the bank in 2010, Asomaning has been providing strategic and day-to-day management oversight for the bank’s corporate banking, global markets, transactional banking and investment banking business units. His remit includes client origination and strategy, asset allocation, and short- and long-term funding.

He is a board member of Stanbic Bank Ghana Ltd, Stanbic Investment Management Services Ltd and Chirano Gold Mines Ltd. He holds an MBA in Finance from The Wharton School, University of Pennsylvania and a BSc in Business Administration from the University of Ghana Business School.

He is a chartered certified accountant (ACCA).

He served as vice-president for leveraged finance at Goldman Sachs between 2006 and 2009, and an associate responsible for high-yield credit research at JPMorgan Chase in the period 2004-2006.

Fred Dzakpata        

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