Standard Chartered Named Best Foreign Exchange Bank for Africa for 3rd Consecutive Year
December 2009, Singapore
Standard Chartered Bank was named top foreign exchange bank for Africa for the 3rd consecutive year, in this year's Global Finance magazine's awards. Winners are nominated by Global Finance editors, industry analysts, corporate executives and technology experts, and based on criteria including transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.
Standard Chartered's win is attributed to its clear leadership in market share for FX in Africa - no other bank in Africa covers the top African markets more comprehensively as Standard Chartered, which has FX sales and trading capabilities covering 12 countries in Africa, including Botswana, Cameroon, Cote D'Ivoire, Gambia, Ghana, Kenya, Nigeria, Sierra Leone, South Africa, Tanzania, Uganda and Zambia.
Standard Chartered also leverages technology to provide leading FX solutions: the Bank is the first to auto-quote African currencies 24 hours a day and the first to offer African currencies via executable streaming prices through its award winning e-channel solutions.
The Bank trades in all major and other exotic currencies - 30 African currencies and over 100 currencies globally - and has full capability around FX spot and forwards, FX options, interest rate swaps (IRS), cross currency swaps (CCS), commodity hedging solutions and structured products.
In The Gambia, Standard Chartered is the biggest player in the country. Standard Chartered's innovative technology platforms - including the award-winning On Line Treasury (OLT) platform - positions the Bank at the forefront of FX markets in The Gambia. As a market maker in the local currency, Standard Chartered also quotes the most competitive rates in the country.
Commenting on the win, Fred Lee, Regional Head of Global Markets, Africa, Standard Chartered Bank, said: "By combining our global expertise with local experience, Standard Chartered has been pioneering the introduction of new financial products and risk solutions into our African markets, to match our customers' increasingly sophisticated requirements. I am delighted that we have won Best FX Bank in Africa for the third consecutive year and Best FX Bank in The Gambia for the fourth consecutive year. It is a tribute to the dedication of our trading, sales and structuring teams across Africa in delivering seamless global coverage and a superior service"
"The dollar has come under attack and emerging market currencies are soaring. Corporations around the world need to select a strong, knowledgeable FX bank to help cope with the turbulence in the markets and the risk of a dollar collapse," commented Joseph D. Giarraputo, publisher and president of Global Finance.
In addition to the African awards, Global Finance recognised Standard Chartered's FX capabilities in Asia:
- Best Foreign Exchange Provider in Asia-Pacific
- Best Foreign Exchange Provider in Southeast Asia
- Best Foreign Exchange Provider in India
- Best Foreign Exchange Provider in Pakistan
For more information please contact:
Head of Corporate Affairs, South Africa
Mobile: +27 (0)82 894 5581
Note to editors:
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.
For more information on Standard Chartered, please visit www.sc.com.