Stanbic voted 2023 Zim bank of the year

STANBIC Bank has been voted 2023 Bank of the Year in Zimbabwe by world-renowned London-based magazine, The Banker, cementing the bank’s place as one of country’s leading financial services institutions.

The awards ceremony also saw five other Standard Bank Group (SBG) country banks across Africa named as African leaders in the prestigious Banker magazine’s annual global awards held in London recently.

Stanbic Bank was named as the best bank in Zimbabwe and was one of those selected from a field of more than 400 global entrants to win honours in the prestigious awards. The other SBG operations that were named the best in their countries were Standard Bank Angola; Standard Bank Lesotho; Standard Bank Namibia; Stanbic IBTC Nigeria; Stanbic Bank Zambia.

The Banker magazine is widely considered as an “authoritative source of global financial analysis and data-driven intelligence.”

The Banker is renowned for having dedicated content pillars, which share new banking trends as well as having expert editorial analysis, in-depth research and succinct summaries of key topics affecting the banking sector.

Stanbic Bank chief executive officer, Solomon Nyanhongo, said The Banker noted that the institution weathered an increasingly challenging operating environment characterised by high inflation and shortage of foreign currency.

“The judges were impressed by the bank’s support for the all-important agricultural sector. With the foreign currency shortage set to threaten the viability of the tobacco selling season and with the support of its parent company, Standard Bank Group, Stanbic arranged offshore lines of credit worth US$385 million, which helped tobacco merchants fund the growing and purchasing of tobacco,” said Nyanhongo.