In a strategic shift, Standard Trust has pivoted from its traditional corporate focus to a dynamic retail banking model. A strategic move that is redefining its market position and shaping a new financial growth, trajectory.

The bank's turnaround comes after weathering a severe economic downturn that left it reeling from a GHc850 million loss in 2022. Now, Standard Trust is emerging as a more resilient and adaptive financial

institution.

"The challenges we faced forced us to re-evaluate our business model," said Carl Selasi Asem, Managing Director of Standard Trust, in an exclusive interview with the Business and Financial Times. "We needed to fundamentally change how we approach banking."

The most striking transformation has been in the bank's deposit composition. Traditionally the bank has been reliant on large corporate clients, Standard Trust has dramatically shifted its strategy and pivoted strongly towards the retail and consumer banking business.

By mid-2024, individual customers and small to medium-sized enterprises (SMEs) now contribute a significant percentage of the bank's deposit mix. For the first time in the banks history, we have recorded

a total of over GHc10 1billion in deposits

This strategic pivot has brought multiple benefits. To this end, current and savings accounts (CASA) now make up over 85percent of our deposit, mainly from our individual and SME clients.

"During this period, our cost of deposits decreased substantially," Mr. Asem explained. This shift has considerably lowered our operational expenses, as these deposits don t carry high interest costs. This shows the direction of the Bank and the trust our consumer and retail customers have in the Standard Trust brand.*

Standard Trust's physical expansion has also been instrumental in this transformation. With the growth in the Bank's branches increasing to 38 branches and over 2000 Standard Trust Agent points up from 600 Agents in 2022, the bank is positioned to further deepen its financial inclusion agenda

Technological innovation has been a cornerstone of this transformation. True to the Bank's digital transformation strategy over the years Standard Trust has developed its digital banking solutions entirely in-house, using its staff. 'Our homegrown innovation gives us an edge in adapting to customer needs and driving financial inclusion,* Mr. Asem said.

"The journey wasn't without challenges. The bank underwent a rigorous asset quality review, making tough provisions for non-performing loans. We've faced tough times, but we are emerging stronger, and our transformation is taking shape. I must extend a special appreciation to my staff who workday and night to see this transformation through.".?

He noted that this strategy appears to be paving off, given that shareholders confidence is gradually returning as the bank's quarterly results show marked improvement. *This change has reduced our systemic risk and shown us that we are moving in the right direction, Mr. Asem noted

As part of a five-year plan initiated in early 2024, Standard Trust continues to broaden its customer base and reinforce its commitment to sustainable growth. "Our brand's resilience and strength have earned us the required trust and loyalty," Mr. Asem noted, underscoring the Bank's renewed dedication to financial stability and value creation.