Standard Bank Declared Africa's Top Bank

Standard Bank, has been named Africa’s top bank based on financial strength as seen by regulators.

The recognition is contained in The Banker magazine’s 2011 rankings of the world’s top banks, according to the professional jargon of Tier 1 capital or core capital that consists chiefly of common stock and disclosed research but may also include non redeemable and non cumulative preferred stock.

According to a press statement issued in Dar es Salaam on Wednesday, the Standard Bank rose from 106th 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 industry.

The statement said the aim of The Banker’s annual top 1000 world banks survey is to show’ soundness in banks in relations to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of 4.0 per cent increasing to 7.0 per cent by 2019 and a minimum ratio of total capital to risk-weighted assets of 8 per cent.

“The Banker reports in its July edition that Standard Bank has increased its Tier 1 capital to 12.06 Billion US Dollar (Shs18 Trillion/-) an increase of 26.15 per cent on the previous year and almost twice as much as the second ranked bank,” said the statement which was signed by Head of Marketing and Corporate Affairs, Mr Abdallah Singano.

Sim Tshabalala, Deputy Chief Executive, Standard Bank Group, said the continued rise in The Banker’s rankings 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,” he said.

Also speaking on the achievement, Stanbic Bank Tanzania Managing Director Bashir Awale said: “The strong capital position, highlighted by The Banker’s rankings, provides a stable platform for further growth for our bank.

We will continue to provide first class banking services in the market, investing in people, branch networks and systems.”

Stanbic Bank Tanzania Limited is a member of the largest banking group in Africa, Standard Bank Group (SBG).

It is a full commercial service bank with a well-defined emphasis on providing facilities and services to the public and private sector corporations, airlines, diplomatic missions, pension funds and non -governmental organisations.

Since its establishment in Tanzania in 1994 after buying out Meridian BIAO Bank, Stanbic Bank (T) has been in the forefront of the development of the country’s financial markets.