Standard Bank Group has scooped a global award and three regional awards in the prestigious annual Global Finance (www.gfmag.com) survey for its treasury and cash management services.
The group, Africa's largest bank by assets, was named Best Overall Bank for Cash Management in Africa 2011 placing it among the top seven in the global rankings. In addition, Standard Bank Group walked away with a new award for Best Mobile Solutions Provider 2011 for CfC Stanbic Bank, a member of Standard Bank Group, in Kenya.
For its performance in Africa, Standard Bank Group was named as Best Provider of Money Market Funds and Best Bank for Payments and Collections. The awards are developed and published by leading banking industry journal Global Finance.
Says Neil Surgey, Head Global Transactional Products and Services at Standard Bank Group: "It is most pleasing to be independently judged as winners in several categories. Winning these Global Finance awards is particularly significant because they reflect our success in investing in the development of on-the-ground banking capabilities in many African markets.
Surgey believes that Standard Bank Group will derive growing benefits from its early start in developing its Africa business as the pace of regeneration and trade with particularly BRIC nations continues growing.
Assessment of the Global Finance awards drew input from industry analysts, corporate executives and technology experts. Factors considered included profitability, market share and reach, customer service, competitive pricing, product innovation. In addition the judges considered the extent to which treasury and cash management banks successfully differentiated themselves from their competitors around core treasury and cash management service provision.
A Global Finance representative said that in the judging process it was clearthat there is increasing competition between regional, domestic and global cash management banks, particularly in regions such as Africa, Asia, the Middle East and Central and Eastern Europe.
"The objective of the survey was not to choose the biggest or oldest provider, but rather those with whom companies should choose to do business. We believe the effort has been informed by intensive exposure to global financial markets, scrupulous attention to accuracy and a commitment to fairness," said Global Finance.
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