Harare – Stanbic Bank Zimbabwe has been named the 2021 Best Investment Bank in Zimbabwe by the London-based Global Banking & Finance Review.
The Standard Bank Group subsidiary continues to cement its status as the country’s leading financial services institution after also winning the best bank in Zimbabwe title awarded by the European, Middle East, and Africa (EMEA) Finance consecutively in 2019 and 2020.
The latest award from the annual Global Banking & Finance Awards held at the beginning of the year recognises the Bank’s outstanding investment portfolio.
A statement from the prestigious Global Finance review magazine said strict criteria is used to select the winners from across the globe. The criteria cover a broad spectrum of important factors to ensure that awards are issued to the organizations that deliver as expected from economic development as well as customer perspective.
“Some of the key areas we looked at for Stanbic Bank include offering comprehensive investment banking services and advice, mergers and acquisitions, cross border transactions, structuring capabilities, equity derivatives and securitization, distribution network as well as expertise of their specialists,” said Amanda Walker on behalf of Global Banking & Finance Review.
Stanbic Bank Chief Executive (CE), Solomon Nyanhongo who stepped into the role in January this year expressed gratitude for the accolade.
“Our Corporate and Investment business unit is quite vast and year after year, we continuously look for new ways to ensure that our investment and support to both local and international entities add to the development of our country,” said Nyanhongo.
Stanbic Bank Zimbabwe significantly supports investments towards the mining, tobacco, power, and infrastructure industries in the country through the much-needed forex allocations, capital injections, and provision of offshore lines of credit amongst many others.
In March 2021, the Bank announced that it has set up nine remote branches at tobacco auction floors throughout the country in a bid to enable ease of access to funds for tobacco farmers during the 2021 tobacco which roared into life today.
Over the years, the financial institution has played pivotal roles in various life changing investments for the country. These include the construction of Tokwe Mukosi dam and the rehabilitation of the power infrastructure at Kariba South Hydro Power Station and Hwange Thermal Power Station by arranging the USD120 million debt package for the Zimbabwe Power Company, amongst many others.
In 2020, the bank contributed significantly towards the COVID-19 relief by donating equipment worth USD200 000 as well as providing over USD2.8 million in credit and foreign currency allocations to their clients in the medical and manufacturing industry.
“We are indeed humbled by yet another recognition of this nature and look forward to continuing our contribution to the sustainable development of Africa as a whole”, added Nyanhongo.
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