Thursday, December 11, 2008
Standard Chartered Bank emerged the top foreign exchange bank for Africa and The Gambia, in the Global Finance magazine’s annual 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 (in terms of GDP) more comprehensively as Standard Chartered, which has FX sales and trading capabilities covering 12 countries in Africa, including Botswana, Cameroon, Cote D’Ivoire, The 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 has an average FX volume representing 25% of the FX volume in the local market, making Standard Chartered 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, Lamin Drammeh, Head of Wholesale Banking, Standard Chartered Bank Gambia, 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 second consecutive year and Best FX Bank in The Gambia for the third, 2007, 2008, and 2009. 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".
‘In Africa and The Gambia, individuals, local and global corporates, financial institutions, development and non-government organisations alike rely on Standard Chartered for their FX needs. The Bank is a clear leader in market share and its product and service offerings in these markets," says Joseph D. Giarraputo, publisher and president of Global Finance.
Author: By Kojo