Stanbic voted Bank of The Year

The top international award is regarded by bankers as an industry standard for “banking excellence”.

“We are delighted to have received this recognition,” said Stanbic Chairman, lawyer Sternford Moyo. “It is evidence of maintenance of a tradition of excellence in banking which has been recognised in the Bank before.”

Moyo said besides this prestigious award his Bank had also grabbed the Superbrand winner in the Finance and Banking Category, an award which is organised by the Marketing Association of Zimbabwe (MAZ).

Stanbic has, however, been regularly threatened by President Robert Mugabe, the Zanu (PF) boss, who has said his party cadres will take over the bank over if it contnues “reaping where it does not sow”.

President Mugabe says all foreign-controlled commercial banks must cede their sovereignty to indigenous Zimbabweans using the 51 percent equity regulations passed last year by Parliament.

Moyo told shareholders that Stanbic Bank continued to comply with the minimum capital requirements of US$12,5 million set by the Reserve Bank of Zimbabwe (RBZ).

“At December 31, 2010, the Bank’s capital stood at US$27,3 million,” Moyo said.

Stanbic achieved profit after tax of US$7,8 million for 2010, with most of that amount being achieved during the second half of the year.

The Bank’s directors include prominent businessmen such as Ernest Chiweshe, Dave Ellman-Brown, L Masterson, and lawyer Sternford Moyo as Chairman.