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Standard, Nedbank earn kudos

Johannesburg - Standard Bank Group [JSE:SBK] has been named 2011 Bank of the Year in Africa and Best Bank in four African countries by The Banker, the leading journal of the global banking industry.

It was also named Bank of the Year in Botswana, Lesotho, Malawi and Zimbabwe.

The magazine named Nedbank Group [JSE:NED] as the South African Bank of the Year for 2011. This prestigious award recognises excellence in banking across the globe.

The Banker recognised Standard Bank for its ability to gain strategic advantage, adapt to variable market conditions, secure important deals and succeed in an increasingly competitive landscape.

Ben Kruger, deputy CEO of Standard Bank Group, said of the awards: "Standard Bank has a deep and long-standing commitment to developing business in Africa. We are delighted with this recognition of our ability to connect Africa and the world."

He said the awards reflect the group's continued growth across the continent and its substantial investment in the development of local presence and infrastructure.

"When we say that Africa is at our core, we have tangible evidence of this in the way Standard Bank has extended and deepened its presence in key African markets," said Kruger.

The award is even more noteworthy given the fact that South Africa was rated second in the world in terms of "soundness of banks" in the recent World Economic Forum's Global Competitiveness Report.

The Banker noted that "the trust that clients have shown in Nedbank Group through the recent financial crisis contributed to the recognition of being named 'South African Bank of the Year 2011' and is also testimony to Nedbank Group's strong management, sound business model and prudent risk approach."

Nedbank Group CEO Mike Brown said: "At Nedbank we pride ourselves on being a world class financial organisation that always strives to be admired by our staff, clients, shareholders, regulators and the communities in which we operate.

"We are deeply honoured by this award, but at the same time recognise that we are on a journey and more still has to be done to achieve our vision of building Africa's most admired bank."

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