Stanbic Bank Zimbabwe has been named the 2021 Best Investment Bank in Zimbabwe by London-based Global Banking & Finance Review magazine.
The Standard Bank Group subsidiary was recognised for its outstanding investment portfolio during the annual Global Banking and Finance Awards held at the beginning of the year.
In a statement, the prestigious Global Banking & Finance Review magazine said the criteria used to award the winner include comprehensive investment banking as well as cross-border transactions.
“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 securitisation, 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 said the bank will continue to devise ways of broadening investment support for both local and international entities.
“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 has also been supporting investments in mining, tobacco, power, and infrastructure industries in the country through affording foreign currency allocations, capital injections, and provision of offshore lines of credit.
Over the years, the financial institution has played a pivotal role in promoting investments in the country.
These include the construction of Tugwi-Mukosi Dam, the rehabilitation of the power infrastructure at Kariba South Hydro Power Station and Hwange Thermal Power Station by arranging the US$120 million debt package for the Zimbabwe Power Company.
In 2020, the bank contributed significantly towards the Covid-19 relief by donating equipment worth US$200 000 as well as providing over US$2.8 million in credit and foreign currency allocations to their clients in the medical and manufacturing industries.
“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,” said Nyanhongo.
Stanbic was also awarded the 2020 Bank of the Year award by top banking magazine The Banker and the 2020 Best Bank in Zimbabwe award by leading financial services journal Europe, Middle East, and Africa (EMEA) Finance. — STAFF WRITER
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