Banking group Standard Bank has been awarded the Best Bank for South African rand and top gong for African currencies excluding the rand in FX Week’s 2016 survey of the global foreign exchange industry.
BY BUSINESS REPORTER
Standard Bank is one of South Africa’s largest financial services group and is present in over 20 countries.
It wholly owns Stanbic Bank Zimbabwe.
In a statement on Friday, Standard Bank’s head of foreign exchange, Richard de Roos, said the Standard Group was pleased to have received this award.
“These are premier awards for currency market makers across the continent’s foreign exchange trading industry, and the stature and quality of the participants in this survey certainly make these awards extremely relevant and an achievement for which Standard Bank is duly proud,” he said.
The FX Week Best Banks awards were decided following a qualitative survey, which polled industry participants to determine their ranking of the most relevant and significant market makers in the currency trading universe.
The FX Week awards are part of FX Week, a globally recognised financial market research institution.
This is the first year for the accolade for Best Bank for African currencies excluding the rand, being awarded to Standard Bank.
“There’s a common misconception to the outside Africa trading community that all African markets act as a bloc, with similar characteristics and limitations, whereas in reality, this couldn’t be further from the truth,” Roos said.
“Standard Bank has focused a lot of time and energy on understanding the nuances of each market in Africa by decentralising the price-making responsibilities away from the South African head office and has made each local market maker, the centre of excellence in their own local currency.”