Wednesday, May 22, 2024

Stanbic bank tops African banks in ranking

African Business magazine, named Standard group as the top most among African banks while Standard came out as the largest African bank on the continent. In Botswana, this banking group trades as Stanbic Bank.

The survey measured total shareholder funds, or capital, which really gives an indication of a bank?s overall financial strength. Such a measure always gives clients much confidence when entrusting their financial affairs and savings to a banking institution. In a survey of the word?s 1,000 strongest banks conducted by the UK?s The Banker magazine, Stanbic?s holding Company ? the Standard Bank Group – was also tops of all African banks at number 118.

Showing their continued and growing commitment to the continent, Stanbic bank has committed US$2.5 million to the Investment Climate Facility (ICF) for Africa, an organisation dedicated to improving the investment climate in Africa and promoting sound governance. The ICF was launched at the World Economic Forum in Cape Town in June 2006.

?As an organisation committed to making a real difference to the societies in which we operate, we fully support the ICF?s commitment to reforming the investment climate in Africa and promoting Africa as an attractive investment destination,? Jacko Maree, the chief executive officer for Standard Bank Group said .? We believe in Africa?s future and the ICF clearly shares that vision.?

The Standard bank Group continues to expand their African operations, recently announcing an agreement in principle to merge their Nigeria operation with IBTC Chartered to gain a controlling interest through a capital investment of USD525m. The Standard bank Group recently announced record profits for 2006, growing their headline earnings by 20 percent to P9.25bn (USD 1,6 bn). The important efficiency measure, Cost to Income ratio, improved to 53.5 percent.

In Botswana, Stanbic holds a prominent position in corporate banking and asset finance and has developed an enviable reputation as a leader in home loans following some innovative product offerings. The recent launch of their low cost TransactPlus and PureSave banking products, the imminent arrival of their advanced internet banking offering and their plans to aggressively roll-out their Auto Money machines in many towns and villages around the country shows their commitment to further broaden their service and account base in Botswana.


Read this week's paper