Banking
Stanbic IBTC Wins Best Sub-Custodian in Nigeria for 8th Year
By Dipo Olowookere
Stanbic IBTC Bank’s experience, competence and expertise in the provision of custody services in Nigeria has again been reaffirmed as the bank was named the “Best Sub-Custodian” in Nigeria for 2018 by Global Finance magazine.
The London-based Global Finance magazine, organiser of the awards, announced winners for the 16th edition of the annual World’s Best Sub-custodian Banks following selection from across seven global regions and more than 80 countries.
The latest win makes it the eighth time in a row that Stanbic IBTC Bank will be adjudged the best in the country, in recognition of its leadership in the sector. Chief Executive, Stanbic IBTC Bank, Demola Sogunle, stated that winning the award consistently for the last eight years, reinforces the bank’s strong management, systems and innovative solutions, and its leadership of Nigeria’s custody sector.
“We are delighted to be recognized for the eighth time as the best provider of custody services in Nigeria. It is a demonstration of our strength in terms of our management, systems and solutions. This award will energize us to continue to provide unparalleled services to our customers as we raise the bar in the provision of investor services,” Sogunle said. “The need for excellent custody services in Nigeria remains strong, driven by the impetus in cross-border investment activities, and we are well positioned to provide such services,” Sogunle added.
The yearly award, instituted 16 years ago, recognizes the pivotal role sub-custodians play in business and investment activities via the safekeeping of clients’ assets, such as bonds, stocks and treasury bills.
Winners are selected by Global Finance magazine’s editors and reporters, with input from expert sources, from among institutions that reliably provide the best custody services in local markets, regions and to global custodians.
The criteria used, according to Global Finance, included technology platforms, competitive pricing, customer relations, smooth handling of exception items, technology platforms, quality of service, post-settlement operations, business continuity plans and knowledge of local regulations and practices. Global Finance said it also obtained input from users of sub-custody services. Performance was judged over the period covering January 1, 2017 through December 31, 2017.
“As custodians deal with increased liability from new regulatory requirements, they are seeking the safest and best sub-custodians with whom to entrust client assets,” said Joseph D. Giarraputo, publisher and editorial director of Global Finance in a release to announce the winners. “With these awards, we recognize those sub-custodians that do the best job of meeting their clients’ needs in increasingly complex markets,” Giarraputo stated.
Chief Executive, Stanbic IBTC Nominees, Akeem Oyewale, thanked the award organiser for the recognition adding that the organisation will not rest on its oars in delivering value to customers as well as prospects. He went on to state that Stanbic IBTC Nominees, a wholly-owned subsidiary of Stanbic IBTC Bank Plc which holds custodial assets on behalf of clients of Stanbic IBTC Bank, will continue to leverage the expertise, technology and experience of Standard Bank Group, to which Stanbic IBTC belongs, to deliver sustainable shareholder value by serving the needs of its clientele.
Oyewale noted that three subsidiaries within Standard Bank Group were selected as Best Sub-custodian Banks for their respective countries namely Nigeria, Namibia and Mozambique.
Stanbic IBTC Bank is a member of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Stanbic IBTC belongs to the Standard Bank Group, the largest African financial institution by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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