Stanbic Named Zimbabwe’s Bank Of The Year For 2023
Stanbic Bank, a prominent financial services provider in Zimbabwe, has earned the prestigious title of 2023 Bank of the Year in the country, as recognized by the esteemed London-based magazine, The Banker. This accolade solidifies the bank’s position as a leading financial institution in Zimbabwe.
The award ceremony, held recently in London, also acknowledged five other entities within the Standard Bank Group (SBG) across Africa, naming them as African leaders in The Banker magazine’s annual global awards. Stanbic Bank emerged as the best bank in Zimbabwe, triumphing over a competitive field of more than 400 global entrants.
ALSO READ: CBZ, ZB Merger Faces Scrutiny
Other SBG operations honored in their respective countries include Standard Bank Angola, Standard Bank Lesotho, Standard Bank Namibia, Stanbic IBTC Nigeria, and Stanbic Bank Zambia.
Widely regarded as an authoritative source of global financial analysis and data-driven intelligence, The Banker magazine is known for its dedicated content pillars, offering insights into new banking trends, expert editorial analysis, in-depth research, and concise summaries of key topics impacting the banking sector.
Stanbic Bank’s CEO, Solomon Nyanhongo, highlighted the institution’s resilience in the face of a challenging operating environment marked by high inflation and a shortage of foreign currency. The judges commended the bank for its significant support to the crucial agricultural sector. In response to the foreign currency shortage that could have jeopardized the tobacco selling season, Stanbic, with the backing of its parent company, Standard Bank Group, arranged offshore lines of credit totaling US$385 million. This initiative proved instrumental in assisting tobacco merchants in funding the cultivation and purchase of tobacco.
Nyanhongo emphasized that these offshore lines of credit played a vital role in ensuring that farmers received their sale proceeds promptly, thereby covering input costs. Stanbic Bank’s strategic initiative also involved increasing its points of representation during the tobacco-selling season, demonstrating a commitment to the convenience and support of tobacco farmers.