Bank Gaborone has appointed Tsaone Raboloko as Managing Director, effective 9 October 2026, as the Botswana lender implements a strategic turnaround following rising bad debts and pressure from weakness in the country’s mining-dependent economy.
Raboloko replaces Olebile Makhupe, who stepped down on 31 August 2026 after less than three years at the helm to pursue other strategic interests and priorities.
Capricorn Group said Raboloko’s appointment followed the completion of a recruitment process and regulatory approval. He had served as Acting Managing Director since the end of June 2026.
Raboloko joined Bank Gaborone in February 2018 as Head of Risk and Compliance before being appointed Chief Financial Officer in April 2022.
His appointment comes as the Namibia Securities Exchange-listed Capricorn Group seeks to strengthen its Botswana subsidiary after a difficult financial year in which Bank Gaborone slipped into a loss and its non-performing loan ratio climbed above 14%.
Capricorn Group has approved a P80 million, approximately N$96 million, emergency capital facility for Bank Gaborone as the lender restructures amid rising bad debts, higher funding costs and financial pressure on clients exposed to Botswana’s diamond industry.
The deterioration in Bank Gaborone’s loan book also contributed to an increase in non-performing loans across the wider Capricorn Group.
Capricorn Group Chief Executive Officer David Nuyoma said Raboloko’s appointment provides leadership continuity as the bank works to improve its performance.
“Tsaone Raboloko’s appointment provides valuable leadership continuity at an important time for Bank Gaborone. He has a strong understanding of the business and has been closely involved in the work underway to strengthen the Bank and improve its performance,” Nuyoma said.
He said Bank Gaborone remained an important part of Capricorn Group’s regional portfolio and that its recovery was central to the group’s strategy.
“We have confidence in his ability to lead Bank Gaborone with the focus, discipline and commitment required to build on the progress achieved,” Nuyoma said.
Capricorn Group said Bank Gaborone continues to operate in a challenging environment while implementing measures aimed at strengthening the business and returning it to sustainable performance.
Raboloko said his focus would be on strengthening the bank while continuing to support households and businesses in Botswana.
“I am deeply honoured by the trust placed in me to lead Bank Gaborone. Having been part of the Bank’s journey, I have seen firsthand the dedication of our people, the resilience of our customers, and the important role we play in supporting Botswana’s growth and prosperity,” he said.
Bank Gaborone was licensed in February 2006 and began full retail banking operations later that year. It has since expanded to 12 branches and 27 automated machines across Botswana, serving retail, SME, business and corporate customers.
Capricorn Group operates in Namibia and Botswana and has been listed on the Namibia Securities Exchange since 2013.
