Ericsson wrote:When did the rains hit this bank.The highest profit they ever made was in FY 2010 and that is the year they paid highest dividend.
Till today they have never recovered
Problems started in late 90s/ early 00s when they:
1. Recalled loans on many businesses;
2. Closed branches;
3. Retrenched staff;
4. Invested deposits in Government Securities;
5. Increased minimum balances for all accounts;
6. Imposed monthly ledger fees on savings accounts;
They chased away retail clients, Small, Micro and Medium Entreprises. The local banks stepped in. When they tried to win back the people they chased away, it was too late.
Life is short. Live passionately.