Standard Bank named African Bank of the Year

Standard Bank saw further recognition for its performance in emerging markets by winning 10 awards, including the prestigious African Bank of the Year, at The Banker Awards of 2008.

In addition, Industrial and Commercial Bank of China (ICBC), which has a 20% stake and strategic partnership with Standard Bank, won Bank of the Year for China and Asian Bank of the Year, reinforcing the complementary capability in the Standard Bank/ICBC partnership.

Standard Bank, whose operations extend to 37 countries and with total assets of R1,361-billion, was also named Bank of the Year for, among others, Botswana, Lesotho, Malawi, Namibia, South Africa, Swaziland, Tanzania and Zimbabwe, reinforcing its position as Africa’s leading bank.

Winning criteria
Each year The Banker, the pre-eminent publication on the banking sector, acknowledges banks for the best overall performance by country and region, with the winners chosen based on analysis of their financial results, as well as their strategic developments and overall achievements in the year.

Says Standard Bank South Africa chief executive Sim Tshabalala: “These awards are a tribute to the people of South Africa, the excellence of the South African financial system, the fidelity of Standard Bank’s clients and customers and the profound commitment to service by our people.

“In South Africa we remain focused on servicing the full value chain of local customers’ financial services needs and, where appropriate, refining our business models in the face of global market turmoil.

“Specific attention is currently being given to maintaining high standards of customer service and striving for the highest standards of risk management.

“Innovative product development, especially in understanding and responding to the needs of previously unbanked customers, receives ongoing attention.”

‘Africa’s bank of choice’
Commenting on the wins, Standard Bank Africa chief executive Clive Tasker said 2008 “has been a milestone year for Standard Bank and these awards reflect Standard Bank’s position not only as the bank of choice in Africa, but also as one of the world’s leading emerging-market banks.

“Financially, Standard Bank has seen continued growth in developing countries as these markets continue to perform.

“Furthermore, our strategic partnership with Industrial and Commercial Bank of China has laid the foundation for significant expansion of trade and investment between China and Africa, and has been a defining milestone for Standard Bank.

“Our position as specialists in emerging markets is founded on the 146-year experience we have operating in early stage economies and developing markets, and we look forward to building on this position in the years ahead.” – I-Net Bridge

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