Standard Bank Malawi is Bank of the Year: Also recognised for excellence in 5 other African markets
The Banker Magazine, the world’s longest running international banking title, has named Standard Bank as “Bank of the Year 2016” for Malawi.
In its citation, The Banker Magazine singled out Standard Bank for remaining resilient and growing its capital and assets against a difficult macro-economic environment stoked by cuts in agricultural output, the country’s economy anchor, due to adverse weather in part caused by the El-Nino phenomenon.
“Standard Bank Malawi, the winner of this year’s country award, has performed particularly well despite these conditions. The bank’s Tier One capital increased by 30% while total assets grew by 20% in 2015. Meanwhile, net profits jumped by 9% over the same period,” reads the citation.
Reacting to the announcement, Chief Executive Officer Andrew Mashanda attributed the bank’s performance to investments in key sectors of the country’s economy as well as operational efficiencies resulting from an aggressive multi-channel distribution strategy.
“We are delighted that these awards have recognised our sustained investment in the agro-processing and infrastructure sectors that complement our own internal focus to contribute towards the driving of growth for mother Malawi, and the moving of her people forward. Despite the tough macroeconomic conditions, we have continued to grow our market share in the key sectors of the economy,” he said.
He said to cater to a diverse customer base in terms of income level, occupation and geography, the bank has aggressively pursued a multi-channel distribution strategy.
“This includes the rollout of ATMs, bulk note acceptors for customers wishing to deposit large sums of money, internet banking and business online for business customers, a mobile money offering, as well as mobile vans for bulk offsite services” said Mashanda.
Standard Bank Malawi Chief Financial Officer Temwani Simwaka received the award at a recent gala awards dinner hosted in London.
Meanwhile the bank’s parent company, Standard Bank Group was named Regional Bank of the Year for Africa and also scooped Bank of the Year accolades in Botswana, South Africa, Swaziland, Tanzania and Uganda.
The Banker’s judging panel reported that the Standard Bank Group’s operations in all six African countries had made the most progress over the 12 months, not only in terms of strong financials, but also in the wide range of initiatives which the bank undertook during this period. In particular the awards recognised the strong management, sound business model and clear and effective strategy delivered consistently by the banking group across multiple jurisdictions.
Standard Bank, Africa’s largest bank by assets, is present in 20 markets across the continent and in major global financial centres. The banking group focuses exclusively on Africa, blending its global capabilities with local insights though established relationships that deliver a truly universal banking proposition to private, wealth, business, corporate and sovereign clients across the continent.
The Industrial and Commercial Bank of China (ICBC), the world’s biggest bank, holds a 20% stake in Standard Bank. Through ICBC the Standard Bank Group provides trading capabilities across the continent, linking Africa with the world’s fastest growing economies.
“These awards correctly reflect our ability to serve clients across the continent through our physical network in Africa – and by linking Africa to markets and investors in the rest of the world,” said Mashanda.
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