Standard Bank Group has been ranked Africa's top bank in the annual The Banker magazine's ranking of the world's top banks.
In addition, Standard Bank Group also jumped to 106th place in The Banker's list of 1000 top banks in the world. Standard Bank Group was ranked 110 last year.
Says Sim Tshabalala, Deputy Chief Executive, Standard Bank Group: "Our improved ranking shows how strong and well-capitalised our balance sheet is, and that we are very much open for business. It is a vindication of the strategy that our Group has been executing for the last few decades and it also shows that we are entrenched as Africa's biggest bank, facilitating the movement of goods, services and capital between Africa and the world."
The Banker's Top 1000 World banks ranking tracks the world's largest bank holding companies ranked by Tier 1 capital. The object of the survey is to show the banks' soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of 4%, and a minimum ratio of total capital to risk-weighted assets of 8%.
Standard Bank's substantial increase in the value of its Tier 1 capital and assets was acknowledged by The Banker, resulting in it being ranked the second highest mover in Africa after Angola's Banco Africano de Investmentos.
Says Mr Tshabalala:"Standard Bank has a history of prudence, but has been particularly prudent in its risk and capital management through this financial crisis. This has allowed us to build up a very strong capital base that has not been eroded by write-downs caused by writing poor quality business."
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