First National Bank of Botswana (FNBB), the country’s leading retail bank, scoped this year’s┬áEuromoney┬ábanking award to complement its pleasantries that have placed it ahead of its rivals┬áin terms of market capitalization and┬ástrong financial performance.
The annual “Best Bank in Botswana Award” for excellence by Euromoney Magazine recognized FNBB for its sterling performance in commercial and retail spheres at a function held in London┬áon Thursday.
“This extraordinary honor would have been a humbling experience in any year given. However, for us, the “Best Bank in Botswana for 2010” Award takes on special significance. It is significant because it is presented against the backdrop of the global financial crisis. This award is a testament to the hard work and dedication of our staff” said Richard Wright, Deputy Chief Executive Officer.
Best Bank Award is given to institutions with commercial and retail banking capabilities, and it is awarded on the basis of both geographical coverage of a region and best practice within a region.
Since 1992 Euromoney, the world’s leading financial markets magazine has singled out outstanding institutions in finance.
Over the years, the Awards for Excellence have evolved with the markets they cover.
They now incorporate 25 global awards for banking and capital markets; and awards for the best banks and securities houses in almost 100 countries around the world.
All the awards have one central theme- they recognize institutions and individuals that demonstrate leadership, innovation and momentum in the markets in which they excel.
The developments come at a time when the country’s economy is still reeling under the global economic crisis stress that saw Botswana’s GDP growth moving up by a sluggish 2.8 percent against┬áthe targeted five percent.
However, the International Monetary Fund is optimistic that the country will┬ábounce back to┬á5.1 percent growth records in 2011ÔÇölargely driven by the recovery in the┬ámineral sector.
FNBB said this week that the┬áaward┬ácomes after a “smooth┬átransition” in management that took place last year.
FNBB is the biggest Bank in Botswana in terms of market capitalization, and in terms of size (assets & liabilities).