* The award reaffirms Standard Bank as the best financial partner to drive growth for clients and Malawi
* It goes to show that we not only delivering solutions for our clients but that our clients trust us
* And believe that we work our level best to help them achieve their goals—CEO Madinga
By Duncan Mlanjira
The world’s most affluent financial publication, Global Finance has named Standard Bank Plc as best bank in Malawi at its 29th annual Best Bank Awards for 2022 — being recognized for responding to the needs of customers amidst the CoVID-19 pandemic and accomplishing strong results while laying the foundations for future success.
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Standard Bank’s Chief Executive, Phillip Madinga said the award reaffirms Standard Bank as the best financial partner to drive growth for clients and Malawi.
“Standard Bank is without a doubt the best in the country and this award just goes to show that we not only delivering solutions for our clients but that our clients trust us and believe that we work our level best to help them achieve their goals,” Madinga is quoted as saying in a statement.
The award comes at a time when the bank is driving possibilities through partnership and collaboration under the ‘It Can Be’ tagline and Madinga said “Standard Bank has been leading the pack in offering solutions to clients that have enabled them achieve their dreams and drive growth our nation”.
Madinga
According to Global Finance, the winning selections were made by the publication’s editors in consultation with corporate financial executives, bankers and banking consultants and analysts.
Joseph D. Giarraputo — publisher and editorial director of Global Finance — said in selecting these top banks, Global Finance considered factors that ranged from the quantitative objective to the informed subjective.
“With the financial world in a state of turmoil from Russia’s invasion of Ukraine, corporate leaders face a new set of challenges concerning the choice of their banking relationships,” he is quoted as saying.
“Following on the enormous difficulties wrought by the CoVID-19, these changes demand increased attention to global commercial relationships. Our awards support decision-makers in selecting the best financial partners.”
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Overall, Standard Bank Group took home two awards this year from Global Finance — Best Bank in Malawi and Best Bank in South Africa.
Standard Bank Malawi is a large financial services provider, serving the banking needs of large companies — small and medium enterprises as well as individuals.
According to Wikipedia, as of December 2019, the bank’s total assets were valued at K375.26 billion (US$519 million), with shareholders’ equity of K87.24 billion (US$121 million).
It was established in Malawi on March 15, 1969, as Commercial Bank of Malawi, whose founding shareholders were the Government of Malawi, Press Holdings Limited and Banco Pinto & Sotto Mayor.
By the mid 1980s, the bank became a wholly Malawian enterprise, with shareholders being Malawian Development Corporation (20%); Press Holdings (40%); Malawi Government (30%) and Admarc (10%).
In 1998, the government sold its 30% shareholding by floating the bank’s stock on the Malawi Stock Exchange (MSE) and in 2001, Standard Bank — a large South African financial services conglomerate acquired 60% shareholding in Commercial Bank of Malawi.
Initially, the name of the bank changed to Stanbic Bank Malawi and on June 1, 2007 to Standard Bank Malawi.
