Standard Bank Group has been named best trade bank in sub-Saharan Africa and best trade bank in South Africa in a poll of businesses trading into and out of Africa.
The online poll was conducted by Trade Finance Magazine, a global media title in the Euromoney Group, for its annual Awards for Excellence.
Banks, law firms, insurers and others entities active in trade finance were encouraged to mobilise their clients, partners and contacts to vote in the poll. Awards for Excellence are a combination of industry votes, editorial qualification andselection.
Craig Polkinghorne, Standard Bank Group's Global Head and Director of Structured Trade and Commodity Finance, is particularly pleased to have scooped two awards.
"Trade finance is highly competitive and fast-moving, so you really need to be at your best all the time to succeed in this area. We're especially happy that these awards reflect the views of our business and banking clients because it means we are having some success insupporting their businesses.
"In addition, awards such as these demonstrate the returns that Standard Bank Group anticipates from its investment of significant time and funding to establish our presence on theground in key markets in Africa. This enables us to provide the vital localperspective that comes only from having local staff immersed in the particular issues of a country or region," he says.
Polkinghorne says that increasing trade flows to and from Africa, particularly with BRIC countries, has recently attracted relatively new entrants to the trade finance sector.
"As Africa's growth and prospects continue to improve, we appreciate that competition is going to intensify in trade finance. We believe Standard Bank is still strongly positioned to continue performing well in this area," says Polkinghorne.
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