Stanbic Bank Zimbabwe has been named the 2021 best Investment Bank in Zimbabwe by the London-based Global Banking & Finance Review underlining its investment portfolio.
The award was announced during the annual Global Banking & Finance Awards.
A statement from the prestigious Global Finance review magazine said strict criteria is used to select the winners from across the globe. The criteria covers a broad spectrum of important factors to ensure that awards are issued to the organisations that deliver as expected from economic development as well as customer perspective.
“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 Zimbabwe chief executive Solomon Nyanhongo said: “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.”
The bank supports investments towards the mining, tobacco, power and infrastructure industries in the country through the much-needed forex allocations, capital injections, and provision of offshore lines of credit, among others.
Over the years, the financial institution has played pivotal roles in various life changing investments for the country. These include, among others, the construction of Tugwi-Mukosi dam and the rehabilitation of the power infrastructure at Kariba South Hydro Power Station and Hwange Thermal Power Station by arranging the US$120m debt package for the Zimbabwe Power Company.
In 2020, the bank contributed to the Covid-19 relief by donating equipment worth US$200 000 as well as providing over US$2.8m in credit and foreign currency allocations to its clients in the medical and manufacturing industries.
“We are indeed humbled by recognition of this nature and look forward to continuing our contribution to the sustainable development of Africa as a whole,” Nyanhongo said.
Stanbic was also awarded the 2020 Bank of the year award by top banking magazine, The Banker, and 2020 Best Bank in Zimbabwe award by leading financial services journal, Europe, Middle East, and Africa Finance.