The award was presented to the bank at a function in London this week. Standard Bank was one of 24 financial institutions to receive a Bank of the Year Bracken Award, named after the founding editor of The Banker, Brendan Bracken. The Global Banker of the Year Award went to HSBC.

Standard Bank also received a country award as South Africa's Bank of the Year. The Banker, a Financial Times group publication, gave 125 country awards, 19 more than last year. Entries were received from 354 banks worldwide.

The criteria for assessment of the Bank of the Year Awards reflect not only the banks' latest results and performance, but also information provided by the institutions nominated in each country and category.

Standard Bank's award was an acknowledgement the bank's "commitment to Africa". In making the award, The Banker said: "By being present in so many countries on the continent ... it (Standard Bank) can use its capital more effectively, while set-backs in one country can be offset by good earnings in others."