The parent company of Stanbic Bank, Standard Bank Group, has ranked the most valuable banking brand for the second consecutive year.
A report from Brand Finance, leader in brand valuation consultancy revealed that the bank also increased its brand value by 10% in the last year to reach over US $1.74 billion.
Sim Tshabalala, the Chief Executive Officer (CEO) of the Standard Bank Group, speaking on the award, boasted about the banks excellent service delivery; the reason for this great feat.
“We’re delighted that we continue to lead as Africa’s most valuable brand. It’s the independently assessed indication that our business model – with its focus on providing consistently, excellent service and complete banking, asset management and insurance solutions to our clients – is paying dividends.”Tshabalala
Chief Executive of Stanbic Bank Ghana – one of the Group’s subsidiaries, Kwamina Asomaning, extended his congratulations to the hardworking team at the Standard Bank Group for this achievement.
“Last year, Standard Bank celebrated 160 years of providing excellent banking services across the African continent. I believe that our experience in addressing the needs of a wide array of clients across Africa have largely contributed to this recognition as Africa’s most valuable banking brand for the second time.
“Congratulations to all who made this achievement possible. We look forward to another year of successful partnerships with our clients.”Asomaning
The parent company is not alone in netting for the bank such high reputations through its achievements, the subsidiary banks of the Group have also in recent times been acclaimed for outstanding performances.
Most recent is Stanbic Bank Uganda named the best performing Primary Dealer of the year, 2022 by the central bank of Uganda. This achievement, the records reveal is the 11th time that Stanbic bank Uganda has won the same award.
The deputy governor of the Ugandan central bank, Dr. Michael Atingi-Ego, while handing over the award to Stanbic, praised it for its contribution towards the development of the securities market in Uganda through its participation in the primary auctions. The bank was also commended for fulfilling its market-making obligations in the secondary market.
“The bank has consistently posted two-way bid-ask pricing across the entire yield curve, as well as trading and reporting trades on Bloomberg. I am therefore, pleased to announce Stanbic Bank Uganda Ltd as the Best Performing Dealer Market in Uganda government securities for the ranking year ended September 2022.”Dr. Michael Atingi-Ego
The Ghanaian subsidiary of the Group, Stanbic Bank Ghana also came Top in service quality for Personal and Business Customers in the 5th Ghana Customer Service Index (GCSI); a survey conducted by the Institute of Customer Service Professionals (ICSP).
Stanbic IBTC Bank Plc, Standard Bank Group Subsidiary in Nigeria rated Highest in Retail and Retail and Corporate Banking in the country, leading with a CX (Customer Experience) score of 73.8 out of 100.
Brand Finance is the world’s leading independent brand valuation consultancy. It uses the royalty relief approach to quantify the financial value of a brand – a method that estimates the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use. This value is a theoretical net economic benefit that the brand owner would achieve by licensing its brand in the open market.
Every year, Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across different sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.