United Kingdom (UK)-based The Banker Magazine, the world’s longest running international banking title, has hailed Standard Bank Malawi for being resilient and growing its capital and assets in a difficult macro-economic environment.
This feat has culminated into the Malawi Stock Exchange (MSE)-listed bank being named Bank of the Year 2016 for Malawi.
In its citation, The Banker Magazine singled out Standard Bank for weathering the economic storm against a difficult macro-economic environment stoked by cuts in agricultural output due to El Nino-induced weather phenomenon.
Reads the citation in part: “Standard Bank Malawi has performed particularly well despite these conditions. The bank’s Tier One capital increased by 30 percent while total assets grew by 20 percent in 2015.”
Reacting to the announcement, Standard Bank Malawi chief executive officer Andrew Mashanda attributed the performance to investments in key sectors of the country’s economy as well as operational efficiencies, resulting from an aggressive multi-channel distribution strategy.
“We are delighted that these awards have recognised our sustained investment in the agro-processing and infrastructure sectors that complement our own internal focus to contribute towards the driving of growth for Malawi,” he said.
Standard Bank Malawi chief financial officer Temwani Simwaka received the award at a recent gala awards dinner hosted in London, UK.