Standard Bank has won this year’s Sub Custody Survey award organised by the Global Investor/ISF and was named the best Sub-Custodian in Malawi for 2015.
Global Investor/ISF is a leading magazine that connects the industries of asset management, asset servicing and securities finance in the world and was launched in 1985.
The Bank was publicly recognised at a Black-tie Awards dinner in London, United Kingdom, last month.
Making the announcement Head of Transactional Products and Services (TPS) in Malawi Deven Balsara said the award signifies the tremendous work of Standard Bank Malawi in satisfying the needs of both foreign and domestic custody clients in the market.
The magazine’s citation reads; “Malawi is an emerging market in terms of foreign investor activity and the sub-custody business reflects this. A handful of foreign intermediaries continue to open up in the market. Standard Bank Malawi is a leading sub-custody provider in the Malawian market.”
Custody banks have a role among others to hold in safekeeping assets/securities such as stocks, bonds, commodities such as precious metals and currency(cash), domestic and foreign, arrange settlement of any purchases and sales and deliveries in and out of such securities and currency, collect information on and income from such assets (dividends in the case of stocks/equities and coupons (interest payments) in the case of bonds) and administer related tax withholding documents and foreign tax reclamation.
It is the first time that Malawi has featured in the Global Investor/ISF sub custodian survey, according to the magazine.Follow and Subscribe Nyasa TV :