Chronicle Editor
Business Reporter
STANBIC Bank Zimbabwe has been named the 2021 best investment bank in the country by the London-based Global Banking and Finance Review.
The Standard Bank Group subsidiary was recognised for its outstanding investment portfolio during the annual global banking and finance awards held at the beginning of the year.
Amanda Walker, on behalf of Global Banking and Finance Review, said in a statement that the bank was honoured, among others, for offering comprehensive investment banking services and advice, mergers and acquisitions, cross border transactions, structuring capabilities, equity derivatives and securitisation, distribution network as well as expertise of their specialists.
Stanbic Bank chief executive, Mr Solomon Nyanhongo, who accepted the award on behalf of the financial institution, expressed gratitude for the accolade.
“Our corporate and investment business unit is quite vast and year after year, we continuously look for new ways to ensure that our investment and support to both local and international entities add to the development of our country,” he said in an update on Wednesday.
Stanbic Bank Zimbabwe has been instrumental in supporting investments towards the mining, tobacco, power and infrastructure industries in the country through the much-needed forex allocations, capital injections and provision of offshore lines of credit.
In recent years the bank has also participated in key capital projects such as construction of Tokwe-Mukosi Dam and the rehabilitation of the power infrastructure at Kariba South Hydro Power Station and Hwange Thermal Power Station by arranging US$120 million debt package for the Zimbabwe Power Company, amongst others.
In 2020, Stanbic Bank contributed towards the Covid-19 relief by donating equipment worth US$200 000 as well as providing over US$2,8 million in credit and foreign currency allocations to their clients in the medical and manufacturing industry.
“We are indeed humbled by yet another recognition of this nature and look forward to continuing our contribution to the sustainable development of Africa as a whole”, said Mr Nyanhongo.
Online Reporter