Standard Bank, the parent company of Stanbic Bank Ghana, has again been named as Africa's top bank in The Banker magazine's 2011 rankings of the world's top banks. The ranking is done on banks with Tier 1 capital.
Standard Bank rose from 106th place to 94th place in The Banker's list of 1000 top banks in the world. The Banker is a leading global journal of the banking sector. The aim of The Banker's annual top 1000 world banks survey is to show banks' soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of 4% (increasing to 7% by 2019), and a minimum ratio of total capital to risk-weighted assets of 8%.
The Banker reports in its July edition that Standard Bank has increased its Tier 1 capital to $12.06-billion, an increase of 26.15% on the previous year and almost twice as much as the second ranked bank.
Sim Tshabalala, Deputy Chief Executive, Standard Bank Group, says the bank’s continued rise up in The Banker’s rankings table demonstrates the group’s significant strength and ability to implement its strategy across Africa. "It is particularly pleasing to achieve a top ranking on the basis of objective criteria applied by an independent journal. The ranking points again to the substance in our strategy to keep Africa firmly at the core of Standard Bank.
“The strong capital position, highlighted by The Banker’s rankings, provides a stable platform for further growth. We will continue to build first-class, on-the-ground banking franchises in chosen markets in Africa, investing in people, branch networks and systems," says Tshabalala.
Congratulating his colleagues, Sim Tshabalala says “Credit goes to all staff of the bank whose selfless contributions has helped to position Standard Bank as the leading African financial services organization and ultimately led to our ranking as one of the world's top 1000 banks. This is truly a remarkable achievement”.
“These rankings re-enforce the critical message that Standard Bank is a stable, well-capitalized bank. Our strong capital position has provided us with a very solid foundation with which to build on and face the future. Standard Bank can truly be considered a force to be reckoned with both in Africa and the rest of the world”. Tsabalala concluded.
Source: B&FT
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