Stanbic Bank Zimbabwe has clocked 25 years as a financial services provider in the country attributing its growth to support from its different stakeholders, a top executive has said.
BY BUSINESS REPORTER
On October 30 1992, ANZ Grindlays signed a deal selling all its African businesses (Zimbabwe included) to the Standard Bank Investment Corporation.
It was renamed Stanbic Bank Zimbabwe Limited on August 16 1993, with the institution growing from nine branches to 23 and three private suites countrywide.
In an interview, the bank’s chief executive officer Joshua Tapambgwa attributed the bank’s growth and success to its dedicated stakeholders, including, their parent company Standard Bank Group, customers and employees.
“Stanbic Zimbabwe has been receiving a lot of support from its different stakeholders and we are extremely grateful. We owe our success to everyone who believes in our capabilities and all who are with us on this journey of moving Zimbabwe forward,” Tapambgwa said.
Standard Bank Group is present in 20 African markets and celebrated 155 years in the banking industry this year which Tapambgwa said is leverage for the Zimbabwean subsidiary, which picks up the positive and negative learnings from their parent company and puts them to good use.
“Our presence in 19 other African countries has given us great insights into different market structures and we have used that wisdom to build a business model that works for our distinct market”, he said.
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Recently, Stanbic Bank was voted the best commercial bank in Zimbabwe for the year 2017 and rated one of the strongest banks in the country based on the premise that the strongest banks are those that have a clearly robust domestic business franchise, reasonable profit levels, good asset quality and low risks to earnings and liquidity.
In its results for the half year ended June 30, Stanbic Bank Zimbabwe posted a $12,8 million profit, up from $10,5 million in the comparable period last year.
As at June 30, 2017 Stanbic Bank’s qualifying core capital stood at $119,5m up from $95,3m in June 2016 and well-above the regulatory minimum of $25m.
The $119,5m qualifying core capital puts Stanbic Bank in a healthy position ahead of the regulatory minimum core capital of $100 million by 2020.
