Saturday, February 24, 2024

Standard Chartered named Best Foreign Exchange Bank for Africa

Standard Chartered Bank was named top foreign exchange bank for Africa for the 3rd consecutive year, in this year’s Global Finance magazine’s awards.┬á

Winners are nominated by Global Finance editors, industry analysts, corporate executives and technology experts, and based on criteria including transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Standard Chartered’s win is attributed to its clear leadership in market share for FX in Africa – no other bank in Africa covers the top African markets more comprehensively as Standard Chartered, which has FX sales and trading capabilities covering 12 countries in Africa, including Botswana, Cameroon, Cote D’Ivoire, Gambia, Ghana, Kenya, Nigeria, Sierra Leone, South Africa, Tanzania, Uganda and Zambia.

Standard Chartered also leverages technology to provide leading FX solutions: the Bank is the first to auto-quote African currencies 24 hours a day and the first to offer African currencies via executable streaming prices through its award winning e-channel solutions.

The Bank trades in all major and other exotic currencies ÔÇô 30 African currencies and over 100 currencies globally ÔÇô and has full capability around FX spot and forwards, FX options, interest rate swaps (IRS), cross currency swaps (CCS), commodity hedging solutions and structured products.

Commenting on the win, Fred Lee, Regional Head of Global Markets, Africa, Standard Chartered Bank, said: “By combining our global expertise with local experience, Standard Chartered has been pioneering the introduction of new financial products and risk solutions into our African markets, to match our customers’ increasingly sophisticated requirements. I am delighted that we have won Best FX Bank in Africa for the third consecutive year and Best FX Bank in The Gambia for the fourth consecutive year. It is a tribute to the dedication of our trading, sales and structuring teams across Africa in delivering seamless global coverage and a superior service”
‘The dollar has come under attack and emerging market currencies are soaring.

Corporations around the world need to select a strong, knowledgeable FX bank to help cope with the turbulence in the markets and the risk of a dollar collapse,” commented Joseph D. Giarraputo, publisher and president of Global Finance.

┬áIn addition to the African awards, Global Finance recognised Standard Chartered’s FX capabilities in Asia :┬á Best Foreign Exchange Provider in Asia-Pacific, Best Foreign Exchange Provider in Southeast Asia, Best Foreign Exchange Provider in India and Best Foreign Exchange Provider in Pakistan.


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