4 December 2009

Standard Bank recognised for its excellence in emerging markets

Standard Bank has won seven awards, including the prestigious Bank of the Year for Africa, in The Banker Awards of 2009.

The six other awards are for Bank of the Year in these countries: South Africa, Botswana, Lesotho, Malawi, Swaziland and Tanzania. These awards confirm Standard Bank’s position as Africa’s leading bank.

The Banker , the pre-eminent publication on the banking sector, acknowledges banks every year for the best overall performance by country and region. Winners are selected based on analysis of their financial results, as well as their strategic developments and overall achievements over the year.

Jacko Maree, Chief Executive, Standard Bank Group, says: “Africa is core to our strategy and heritage and we recognise and appreciate The Banker’s endorsement of our strength in Africa.

“2009 has been a year of consolidation and growth for Standard Bank and these awards reflect our dominant position in Africa as well as its links to other important emerging markets of the world.”

Standard Bank’s key objective is to become a leading emerging markets financial services organisation.

“Our focus is firmly fixed on being a full-service financial services player in our home market and using this experience to build strong operations in chosen markets in Africa, and in other emerging markets, particularly those with links to Africa,” says Maree.

Standard Bank’s Africa growth strategy was enhanced in 2008 when Industrial and Commercial Bank of China (ICBC), the world’s largest bank, became a strategic partner through its acquisition of 20% of Standard Bank. This was the biggest ever Chinese foreign direct investment at the time.

“Our strategic partnership with ICBC provides us with one of the strongest partners in the Chinese economy, with a keen desire to participate in the next phase of development on the African continent,” says Maree.

Standard Bank’s acquisitions in Nigeria, Kenya, Argentina and Turkey has reinforced its strategy to build strong operations in chosen markets. The finalisation of a 33% partnership with Troika Dialog, the most established independent investment bank in Russia, has added strength to the strategy.

Standard Bank’s heritage of nearly 150-years, its pioneering spirit and proven track record gives it a distinct advantage in emerging markets.

“We have a good understanding of these markets. Being based in South Africa throughout its economic, financial market, social and political evolution, has forced and enabled us to be innovative, proactive, resilient and adaptable – attributes which are essential to developing a global emerging market operation,” says Maree.