Standard Bank scoops 2 Euromoney awards

11 July 2008

Standard Bank has been named the best bank on the African continent and the best bank in South Africa for 2008 by Euromoney, a leading financial sector publication.

The announcement that Standard Bank had won the Euromoney “Best Bank in South Africa” and also scooped the “Best Bank: Africa” awards was made last night (Thursday 10 July) at a gala awards dinner in London. The awards, which acknowledge excellence in banking, are presented annually.

“The Euromoney awards affirm the status of the Standard Bank Group as one of the world’s leaders in emerging markets. We can ascribe our success to our belief in the future of the African continent, our practice of ensuring that we have strong local representation in all the markets in which we operate and our adherence to the highest standards of governance and banking practice,” said Clive Tasker, Standard Bank Africa Chief Executive.

Standard Bank earned the two accolades based on its performance between April 1 2007 and 31 March 2008, a period which was marked by several key initiatives by the bank in Africa, which enforces its presence and influence in 18 countries on the continent. The sale of a 20% stake to the Industrial and Commercial Bank of China (ICBC) was also marked as a major highlight for the period.

In their 16th year, the Euromoney Awards for Excellence take into account the “geographical coverage” of a financial institution as well as its best practices in a region. In addition, the awards also consider the capabilities of a bank’s investment arms and how these complement commercial operations.

Public data sources are used by the magazine to rate entrants on size and market share. These include Bloomberg, Capital Intelligence and other leading sources of information.

The Euromoney achievement follows Standard Bank winning The Banker Magazine’s 2007 “Emerging Market’s Bank of the Year” and international acknowledgement through two awards early in 2008 for the work  it has done in the field of HIV and Aids communication in Africa (Global Business Coalition and Africom.net).