Chronicle Editor
Business Reporter
STANBIC Bank Zimbabwe’s South African-based parent company, Standard Bank Group, has been named the Best Bank in Africa in Global Finance’s 28th annual awards for the World’s Best Banks.
Additionally, Standard Bank South Africa and Stanbic Bank Uganda were named best banks in their respective markets.
The awards come at a time when the banking industry has played a supportive role in assisting clients and societies through the Covid-19 crisis.
The giant banking group has said it views the recognition as a demonstration of commitment to driving positive socio-economic impacts across its markets in Africa.
The winners of this year’s awards were those banks that attended carefully to customer needs in difficult markets and accomplished strong results while laying the foundations for future success, according to Global Finance, which has a circulation of 50,000 and readers in 189 countries.
“Banks are playing a key role in economic recovery around the world. Our Best Bank awards highlight the leaders in restoring growth and mapping a way forward. This year’s evaluations are more important and valuable than at any point in their 28-year history, given the unprecedented economic conditions wrought by the global pandemic,” Mr Joseph Giarraputo, publisher and editorial director of Global Finance was quoted as saying.
Winner selections were made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts.
In selecting these top banks, Global Finance said it considered factors that ranged from the quantitative objective to the informed subjective.
Objective criteria considered included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
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