19 August 2013
South Africa’s Standard Bank has been named best foreign exchange provider in Africa by New York-based magazine Global Finance, the bank announced last week.
Standard Bank Group was also named the best foreign exchange provider in four countries: South Africa, Nigeria, Botswana and Zambia.
“Africa continues to be at the core of Standard Bank Group’s growth strategy and to play a leading role in local market development,” Standard Bank Group’s head of global markets sales in Africa, SJ Kok, said in a statement.
“Winning the awards is particularly significant because they reflect Standard Bank’s success in investing in the development of on-the-ground banking capabilities in various African markets.
“Being successful in providing foreign exchange services requires so much more than an intention to expand into Africa. Standard Bank is delivering successfully because the bank has invested not only funds but many years in steadily building our African presence and capabilities,” Kok said.
The Standard Bank Group is currently the largest foreign exchange provider in South Africa with a 30% market share, and operates over 1 000 branches in 18 African countries and 13 countries around the rest of the world.
It has the ability to provide foreign exchange pricing in 40 African countries, as well as foreign exchange settlement and capabilities in 22 countries it does not have a presence in.
“Standard Bank’s African roots and physical onshore presence enable a deeper understanding of local market dynamics and the various regulatory frameworks within which we operate,” Kok said.
“This enables Standard Bank to provide local market solutions that differentiate our offering from others, as we leverage our trading capability in these markets.”