Friday, July 15, 2011
By Ndinawe Simpelwe
Fri 15 July 2011, 12:50 CAT
STANDARD Bank has again been named Africa’s top bank in The Banker magazine’s 2011 rankings of the world’s top banks by their Tier One capital. Standard Bank rose from 106th place to 94th place in The Banker’s list of 1000 top banks in the world.
The Banker reports in its July edition that Standard Bank had increased its Tier One capital to US$12.06 billion, an increase of 26.15 per cent on the previous year and almost twice as much as the second ranked bank.
The Banker Magazine is a leading global journal of the banking sector and the aim of the annual top 1000 world banks survey is to show banks’ soundness in relation to the Basel requirement of a minimum ratio of Tier One capital to risk-weighted assets of four per cent (increasing to seven per cent by 2019), and a minimum ratio of total capital to risk-weighted assets of eight per cent.
Standard Bank Group deputy chief executive Sim Tshabalala said the continued rise in rankings table 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,” stated Tshabalala in a statement.
“The strong capital position, highlighted by The Banker’s rankings, provides a stable platform for further growth. We will continue to build first-class, on-the-ground banking franchises in chosen markets in Africa, investing in people, branch networks and systems.”