Standard Bank on top of the pile again
July 12, 2007
Johannesburg - Standard Bank has been chosen as the Best Bank in South Africa for the second consecutive year in the Euromoney Awards for Excellence.
The bank was also awarded Best Project Finance House in Africa and Best Debt House in Africa awards.
Banks around the world were asked to prepare submissions for the excellence awards and shortlisted institutions were then interviewed by the editor and senior editorial team of Euromoney magazine.
David Munro, chief executive of corporate and investment banking in South Africa, said: "In receiving these accolades we need to acknowledge our staff and recognise that it is only their efforts with that of our customers that drive our success both in South Africa and across the African continent."
Chris Newson, deputy chief executive of Standard Bank Africa said there has been a marked increase in interest in Africa over the past few years.
Strong economic growth, improved political stability, debt forgiveness, attractive asset values, international liquidity coupled with a narrowing of credit spreads, plus a commodities boom, have all contributed to increasing investment flows and the growth in competition amongst both domestic and foreign financial institutions across Africa.
A key part of the economic activity across the African continent can be attributed to infrastructure spend.
"Driven by a critical need for significant investment in transport, telecommunications, ports, resources, power and energy sectors, there are a number of very large projects on the go or at feasibility study stage.
"Standard Bank, through its dedicated project finance teams, remains actively involved in a number of these projects and seeks to ensure that it plays its part in facilitating access to the necessary intellectual and financial capital to make these projects a success," said Newson.
Newson said foreign direct investment from and into South Africa and Africa should continue to drive deal flow, and targeted development initiatives such as Asgisa and Nepad, will continue to stimulate capital deployment, flows and financing activity.
Munro said black economic empowerment financing has also been an important source of business opportunities in South Africa.
"BEE remains one of the most important strategic themes in our home market, both in relation to internal transformation and the targeted financing required by the Financial Sector Charter," he said. - I-Net Bridge
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