Tanzania Banking Leader Stanbic Bank Wins Award

Stanbic Bank (Tanzania) Limited is a leader in the Tanzania banking sector and was recently awarded the title of ‘Bank of the Year’ at the annual Banker Awards ceremony that was held in London.

Every year ‘The Banker,’ a monthly international financial affairs publication that is owned by the Financial Times, rates the international banking sector and reveals the results at an annual award ceremony where the winning bank is acknowledged for having the best overall performance within their respective country and region.

After the operation of the Meridien Biao Bank Tanzania Limited was officially acquired by the Standard Bank Group in 1995, Stanbic Bank (T) was established and has since been a leader in the development of the financial markets in Tanzania.

Today, the bank employs over 300 people in the country’s primary financial centers and also prodives services a wide range of clientele that includes local businesses as well as corporations, multinational organizations, government parastatals and non-governmental organizations.

Along with these services, Stanbic Bank also offers a wide range of transactional services including cash management and trade-related services, both of which are supplemented by online banking solutions in areas such as term lending, syndicated lending, structured debt and asset finance, as well as structured trade, commodity finance and project finance.

Stanbic Bank (T) is a full commercial services bank that emphasizes the provision of facilities and services to both public and private sector corporations as well as airlines, pension funds, diplomatic missions and non-governmental organizations.

According to the bank’s Managing Director, Bashir Awale, the parent company of Stanbic Bank (T), namely Standard Bank, was also recognized with ten awards, including the prominent African Bank of the Year Award, in recognition of its excellence in emerging markets.

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After being named ‘Bank of the Year’ for its services in Botswana, Congo, Lesotho, Malawi, Namibia, South Africa, Swaziland, Tanzania and Zimbabwe, Standard Bank has strengthened its position as Africa’s leading bank.

Currently, Standard Bank is already the largest African banking group with over 44,301 employees, a total of USD 174 billion in combined assets and with operations that extend to 38 separate countries – 18 in Africa and 20 in other countries around the globe.

In a statement that was released after the awards ceremony, Clive Tasker, the CEO of Standard Bank, said that 2008 has been a milestone year for the bank and the awards that it has received this year have helped to promote the bank’s image as the bank of choice in Africa as well as its image of being one of the world’s top banks in emerging market economies.