Stanbic IBTC Bank PLC, has emerged winner of the Gold Prize at the 2017 edition of Deutsche Bank Awards for Excellence in Cash Management and Trade Finance in Nigeria. This is the second time the bank is being awarded as the top performer in this category. The category tagged Straight-Through Processing (STP) Excellence Award has been a feature of Nigeria’s financial markets over the last seven years. Stanbic IBTC Bank also won Gold in 2015, Bronze in 2014 and Silver in 2016 editions.
The 2017 USD Straight-Through Processing (STP) Excellence Award, according to Deutsche Bank, recognizes institutions delivering outstanding quality in payment efficiency. The nominated banks successfully implemented an STP rate of over 99 percent throughout 2017, serving to greatly reduce the administrative impact of payment processing, increasing efficiency and ensuring strict compliance with globally recognized payment standards.
The 2017 award was presented to the bank on May 16 at a gala dinner at the Wheatbaker Hotel, Ikoyi, Lagos. Speaking at the event, Head of Deutsche Bank’s Representative Office in Nigeria, Andreas Voss, said the Awards for Excellence in Cash Management and Trade Finance in Nigeria was introduced as a demonstration of the institution’s commitment to the development of Nigerian businesses and to support continued development of the West African financial markets.
The award, according to Deutsche Bank, is in recognition of Stanbic IBTC Bank’s consistent improvements in the quality of both commercial and treasury payments. “This is a solid demonstration of commitment, passion and sheer hardwork from all your staff who have sustained this effort consistently,” stated Deputy Country Head, Deutsche Bank AG, Adeola Azeez.
The STP or Error-free processing award is given by Deutsche Bank annually to institutional and corporate clients with whom the bank cooperates at an international level and who have achieved a specific level of operating excellence in the area of payments in US Dollars.
Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, said the award is particularly uplifting as it is the third time Stanbic IBTC Bank will be so recognized. “We are especially pleased to receive this recognition for our efforts. It is a further confirmation of our capacity to provide the highest level of service to our clients, focusing on continuously improving our systems, processes and solutions in order to surpass client expectations. Stanbic IBTC will continue to deliver exceptional performances across all segments of the business. Thanks must go to all our clients and staff who made this possible,” he said.
As a member of the Standard Bank Group, Africa’s largest bank by assets and earnings, Sogunle said Stanbic IBTC will continue to leverage on the 155-year experience, expertise and strong financial clout to deliver superior sustainable shareholder value by meeting the needs of its clientele.
Stanbic IBTC Bank and other winners in this category were presented the awards by Mr. Ulf-Peter Noetzel, Managing Director & Global Head of Trade Finance Financial Institutions (TFFI), who came in from Frankfurt, Germany, for this special event.
Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African bank by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure.