ROKEL COMMERCIAL BANK (SIERRA LEONE) LIMITED
Rokel Commercial Bank (formerly Barclays Bank) was established in 1917 as Barclays Bank DCO with 100% shares owned by the parent company.
In 1971 it was incorporated locally and renamed Barclays Bank of Sierra Leone Limited with 25% shares owned by Sierra Leoneans and 75% Barclays Bank International. The rationale behind this move was to encourage Sierra Leoneans to participate as owners and develop confidence in the Bank.
Basic banking services (i.e. Savings and Current Accounts, Foreign Exchange, Bills for Collection, Safe Custody etc.) were provided and branches were established across the country. The Bank had a network of 16 branches in various areas of the country at the outbreak of the war in 1992.
As a result of the intensification of the civil war the network was reduced in quick succession leading to one Bank/Branch in April, 1998.
On 17th September 1999, Barclays Bank PLC which was the majority shareholder at the time (60% shares) withdrew from its operations in Sierra Leone after extensive discussions with the Government of Sierra Leone. The Bank after consultations with the Government was renamed Rokel Commercial Bank (Sierra Leone) Limited. The Government of Sierra Leone now holds 51% shares, 49% shares owned by private institutions, organizations and individuals.
"Rokel" is the name to the longest river in Sierra Leone and empties into the Atlantic Ocean. This depicts the greatness of the Bank as a gateway to Banking in Sierra Leone.
It thus follows that Rokel River by virtue of its prominence in the country and the bank because of its geographical spread of the Bank has been referred to as the Gateway to Banking in Sierra Leone.
The Bank currently has 372 members of staff and is being headed by the 2nd Sierra Leonean Managing Director and CEO, Mr. Victor Keith Cole. It has a management team of 36 Senior Members of staff.
The Board is headed by a Chairman, supported by 6 non –executive Directors, meets regularly to advise on policy matters and approve limits/expenditure outside Managements discretion.
Company law requires the Bank to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit and loss of the Company for that period.
In preparing those financial statements, the Directors are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgments and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on a going-concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with International Accounting Standards and the requirements of the Companies Act 2009. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.Managing Director
Mr. Victor Keith Cole took over the reins of the Bank as Managing Director in August 2009 following a period of about seven months as Acting Managing Director. His ascension to this office was the climax of twenty nine years experience as a Banker. He was Chairman of the Transition Committee responsible for the change from Barclays Bank of Sierra Leone Limited to Rokel Commercial Bank (Sierra Leone) Limited. To date, he has been in the business for thirty-one years.
He joined the bank in January 1980 and has worked in several branches and departments ranging from IT, Business Development, General Administration, Treasury, Foreign Exchange and Training. He also benefited from a number of external training programmes.
He was appointed Director in September 2000 and has supervised a number of departments since then. His experience as IT Director and Project IT Manager was honed when he initiated and accomplished the introduction of VISA Debit Cards in Sierra Leone, with Rokel Commercial Bank being the first bank to issue VISA cards locally.
He holds a Bachelor of Arts (Honours) degree and a Master in Business Administration (MBA) from the University of Sierra Leone (USL).
Michael Augustus Collier is the Deputy Managing Director. He joined the Bank on 1st March, 1976 and has been exposed to extensive training both at branch banking level and Head Office functions. Michael served as Human Resources Manager for over six years before taking on the role of Finance and Admin. Director in the year 2000 at a time when the Bank undertook several reforms having experienced a change of ownership from Barclays Bank. New reporting standard and procedures were adopted to suit the revised structure and in conformity with the Bank's external auditors' requirements and that of the regulatory authorities.
In a structured succession training programme for Senior Staff of the Bank, Mr. Collier benefitted from external attachments in Barclays Bank PLC, United Kingdom, International Risk Management Department, and Barclays Bank of Zambia Limited, Human Resources Management/Operations Departments. Locally, he has performed the roles of Finance and Admin. Director, Advances/ Legal Affairs Director, Business Centre Director, Business Development Director and Company Secretary.
Mr. Collier holds a BSc (Hons.) Degree in Financial Services and an MBA from the University of Sierra Leone.
Henry Carter is currently the Director of Banking Operations. As part of his current role, he is responsible for IT, Compliance and Anti-Money Laundering affairs.
Mr. Henry Carter joined the Bank in February 1977 following a brief spell as Clerk and Cashier at the Central Bank. He worked in various branches and departments ranging from Inspection, Staff Training, and Finance. He was appointed as Director in September, 2003 and had served as Credit Risk Management Director and Business Centre Director. He has also benefited from internal and external training programmes.
He was appointed Director in September, 2003 and has since managed a number of departments. He has also benefitted from extensive internal and external training.
He is a fellow of the Chartered Institute of Bankers FCIB (UK).
Henry Cockill Bright joined the Bank in January 1978 and was appointed Operations/Admin./I.T Director in October 2003. He has been exposed to various training programmes on the job overseas.
Henry had extensive experiences in Operations, Credit Risk Management, Finance and Audit functions.
His skills have been further enhanced by a number of external short courses and seminars attended in the United Kingdom and elsewhere abroad.
Mr. Bright is an Associate of the Chartered Institute of Bankers ACIB (Ghana). He holds a BSc. (Hons) in Financial Services Degree and MBA from the University of Sierra Leone.
The Bank comprises of the following offices:-
|Head Office||Top Floor Siaka Stevens Street|
|Siaka Stevens Street||25/27 Siaka Stevens Street|
|Clock Tower||7 Kissy Road|
|Wellington||Wellington Industrial Area|
|Congo Cross||1 Wilkinson Road, Congo Cross Wilberforce Street|
|Wilberforce Street||39 Wilberforce Street|
|Charlotte Street||6 Charlotte Street|
|Bo||14 Bojon Street|
|Kenema||12 Dama Road|
|Koidu||2 New Sembehun Road|
|Makeni||Independence Square/ Soldier Street|
|Moyamba||Siaka Stevens Street, Moyamba|
|Pujehun||Stock Road, Pujehun|
The main products and services provided by the Bank include.
- Savings Accounts
- Current Accounts
- Call Accounts
- Deposit Account
- E – Banking Solutions
- VISA Debit Card
- Treasury and Fund Management
- Trade Finance
- Cash Management
- Indicative Offer Rates
- Retail Banking Products
- Loans and Overdrafts to meet business needs
- Foreign Currency account s denominated in the major international currencies
- SWIFT Transfers
- Visa Encashment
- Travel Services
- Safe Custody Deposits
- Mobile Banking Services
Rokel Commercial Bank (SL) Ltd. is the dominant bank in the market place providing about 25% of all banking business in the country.
We currently hold in excess of 155,000 accounts with a yearly growth of 10%.
RCB maintains correspondent banking relationships with the following: Commerz Bank in Frankfurt Germany, Ghana International Bank Plc UK, Standard Chartered Bank UK and recently entered into an agreement with Afreximbank to provide trade finance facilities for the importation of goods and services to the country through letters of credit.
As a member of the SWIFT network both internal and external remittances are guaranteed a 24 hour turnaround time.
Rokel Commercial Bank's senior management team comprises professionals with extensive experience in the financial services industry and is capable of providing all forms of banking support services.
Our Managers are available at all times for discussions and serve as a focal point in providing excellent services at all times.
The Bank also provides competitive exchange rates for all transactions relating to foreign currencies and is very flexible in dealings on commission/transfers and other charges.
It is worth knowing that Rokel Bank is the only bank in Sierra Leone that reassuringly conveys to the public that integrity is the underlying philosophy for all its operations. The bank slogan "Bank On Our Integrity" is the Bank's watchwords.
It is displayed prominently on all of the Bank's promotional materials. This is evident in the growth of the Bank; The Bank's customer base and work force grew by 254% and 115% respectively from 2001 to 2011. The Bank has consistently paid dividends to the government of Sierra Leone being the majority shareholder.
Rokel is well known for it innovation in terms products and services.
All our Branches provide real time banking services supported by VSAT/E1 Connectivity's and the concept of banking with the bank is manifested through our network of branches.
At Rokel you are not only doing business, but you can take comfort in Banking on our Integrity.
Logo – Meaning and Purpose
MOUNTAINOUS BACKGROUND WITH THE LETTERS RCB SUPERIMPOSED TO DEMONSTRATE FINANCIAL STABILITY, PERMANENCE ,STRENGTH AND RESILENCE.
"THE MISSION OF ROKEL COMMERCIAL BANK IS TO PROVIDE BANKING AND RELATED FINANCIAL SERVICES IN A MANNER THAT BUILDS STRONG, LASTING AND SATISFYING RELATIONSHIPS WITH CUSTOMERS, EMPOLYEES, SHAREHOLDERS AND THE COMMUNITIES IN WHICH THE BANK OPERATES".
Figure One: MANAGEMENT STRUCTURE The bank has in place a tried and tested structure based on good corporate governance practices.
Figure Two: ROKEL BANK MARKET SHARE POSITION AS AT DECEMBER 2011
Figure Three- ROKEL BANK FINANCIAL GROWTH- TOTAL DEPOSITS AND TOTAL ADVANCES OVER THE YEARS.
Figure Four- ROKEL BANK CONTRIBUTION TO THE ECONOMY
Over the years, the Bank's operations, activities and profitability have been partly affected by the irregularity of energy, good roads, and pipe borne water supply. However the Bank was able to adequately manage its resources in order to meet the competition, expectations of its customers and stakeholders.
With the present competition, the marketing department has been re-organized to take on the new and varied challenges especially in the Agribusiness industry.
Despite the above constraints, the Bank has been able to meet its targets in terms of its huge obligations to stakeholders.