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Standard Bank Group wins inaugural award for foreign exchange services

Standard Bank Group has won the inaugural award for Best Bank for the South African Rand at the FX Week Best Bank Awards 2013, which was presented by the international specialist foreign exchange magazine FX Week. Standard Bank Group is South Africa's leading market maker and largest rand trader operating from 30 dealing rooms across the globe with 24-hour access highlighting the bank's trading capability. Richard De Roos, Head of Foreign Exchange (FX) at Standard Bank Group, sees the award as evidence of the bank's approach towards global markets.

"Standard Bank has been able to leverage off its global footprint, which uniquely positions the bank to fulfil its goal of connecting the continent with the rest of the world. With seven out of ten of the world's fastest growing economies located in Africa, opportunity abounds for Standard Bank to expand the trading activity of its global markets unit." With a presence in 18 African countries Standard Bank Group is well positioned to maximise benefits within a regional context.

"We are currently exploring opportunities as we definitely see growth in other markets in Africa especially Nigeria and Kenya," says Mr De Roos. Standard Bank Group ensures access to markets either via its single-dealer platform or by using other access points which are then integrated directly to our global customers. By always having an access point into the market Standard Bank Group ensures its position as the leading market maker for rand-based foreign exchange transactions, particularly in the South African market.

The bank is able to use its foreign exchange operations to access multiple pools of liquidity in order to position itself as a flexible institution that has the option of numerous entry points into investor cash pools from across the globe. Standard Bank Group aims to continue expanding its business in Africa. The on-going resource boom currently taking place in Africa as well as infrastructure development on the continent provide the perfect opportunity for Standard Bank Group to expand its current offering. "Standard Bank is proud of receiving this inaugural award for trading of the South African rand; it is consistent with our drive into Africa," concludes Mr de Roos.

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