Standard Bank voted Africa’s best

STANDARD Bank has been chosen as the Best Bank in sub-Saharan Africa in the Euromoney magazine’s prestigious annual Awards for Excellence.

The bank also won top honours in four sub-categories of the survey – Best Bank in South Africa, Namibia, Uganda and Swaziland. Last year’s winner, Citigroup, as well as Barclays and Standard Chartered, competed for the award.According to the trade magazine: “There are several reasons for Standard Bank’s success.First, the strength of its position and the efficiency of its operations in the key South African market give it a huge head start over its main competitors.Citibank, the sixth-largest bank in South Africa, is a long way behind, and Barclays and Standard Chartered have only just re-established a full presence.”Euromoney said much of Standard Bank’s growth in South Africa in 2003 was due to its expanding presence in the domestic retail market, which accounted for 40 per cent of earnings in 2003, compared with 35 per cent for commercial and investment banking.Beyond the South African market, Stanbic Bank’s “well-developed acquisition strategy” in African countries such as Botswana, Malawi, Uganda and Mozambique was noted.Last year’s winner, Citigroup, as well as Barclays and Standard Chartered, competed for the award.According to the trade magazine: “There are several reasons for Standard Bank’s success.First, the strength of its position and the efficiency of its operations in the key South African market give it a huge head start over its main competitors.Citibank, the sixth-largest bank in South Africa, is a long way behind, and Barclays and Standard Chartered have only just re-established a full presence.”Euromoney said much of Standard Bank’s growth in South Africa in 2003 was due to its expanding presence in the domestic retail market, which accounted for 40 per cent of earnings in 2003, compared with 35 per cent for commercial and investment banking.Beyond the South African market, Stanbic Bank’s “well-developed acquisition strategy” in African countries such as Botswana, Malawi, Uganda and Mozambique was noted.