Zenith Maintains Leading Position as Nigeria’s Best Bank For Three Consecutive Years SITA Signs $400m Syndicated Credit Facility
Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Magazine’s Best Banks Awards 2022, retaining the award for a third consecutive year. The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 29th Annual Best Bank Awards Winners. The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Global Finance considered factors that ranged from the quantitative objective to the informed subjective in selecting the top banks. Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry. Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank, Mr Ebenezer Onyeagwu said: “This award is a testament to our tenacity despite a very challenging macroeconomic environment. Indeed, being recognised, for the third consecutive year, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria.” He lauded the contributions and efforts of the Bank’s key stakeholders – the Founder and Chairman, Jim Ovia, CON, for his pioneering role in building the structures and laying the foundation for an enduring and successful institution, the Board for the outstanding leadership they provide, the staff for their commitment and dedication as well as the Bank’s customers for their unwavering loyalty and support.
Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, AsiaPacific, the Caribbean, Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community. Joseph D. Giarraputo, publisher and editorial director of Global Finance, said: “With the financial world in a state of turmoil from Russia’s invasion of Ukraine, corporate leaders face a new set of challenges concerning the choice of their banking relationships.” According to him, “following on the enormous difficulties wrought by the pandemic, these changes demand increased attention to global commercial relationships. Our awards support decision-makers in selecting the best financial partners.”
SITA, a global IT provider for the aviation industry, has signed a $400m inaugural sustainability-linked revolving credit facility over a minimum three-year term.
The backup facility will support the company’s general business needs, such as developing new solutions and strategies to alleviate the air transport industry’s challenges of today and in the future.
The syndication was oversubscribed. As part of the arrangement, four new banks have signed up to support SITA in addition to the company’s five existing banking partners, underlining investor confidence in the technology provider. Stakeholders believe that SITA’s robust cost control, effective cash management, and strengthening green credentials are factors contributing to investor interest.
This new backup syndicated facility will supersede the company’s previous bilateral committed lines and is now directly linked to pre-agreed environmental KPIs and yearly targets, with a bonus or a malus on the interest margin depending on SITA’s performance.
Inrecentyears,SITAhasrampedupitsemission reduction efforts, achieving CarbonNeutral status under The CarbonNeutral Protocol in 2021. More recently, the company announced its commitment to setting science-based targets via the Science Based Targets initiative (SBTi) to join other leading companies to combat climate change aligned to net-zero and the 1.5oC scenario of the Paris Agreement.
The syndicated credit facility linked to environmental performance is an innovative step forward in the company’s ongoing sustainability efforts. It includes significant reduction targets relating to Scope 1, 2, and 3 greenhouse gas emissions to align with SBTi frameworks. SITA’s performance against these targets will be externally audited.
Nicolas Husson, CFO of SITA, said: “Sustainability is high on our agenda and we are deeply committed to ensuring a sustainable future for all, including for our employees, customers, and partners. We are delighted to secure financing that is directly linked to the performance of our sustainability ambitions.”