Stanbic Bank Kenya, a member of the Pan-African Standard Bank Group has been recognized as Kenya’s best private bank for 2019. This is the fourth time the bank is winning the award having previously won for three consecutive years in 2015, 2016,2017.
The awards, organized by Financial Times Specialist titles, The Banker Magazine and Professional Wealth Management, were announced in an awards ceremony held at the Sheraton in London.
The Kenyan operator was adjudged a practice leader based on 21 categories including growth strategies, portfolio management, due diligence, wealth and succession planning advisory, regulatory compliance, reputation and management excellence and leadership in digital transformation.
Stanbic Bank Kenya Chief Executive Charles Mudiwa said the award was a testament to the Standard Bank Group and the bank’s revamped commitment to wealth management and service excellence.
“This award is a testimony to our solid track record of providing bespoke solutions in wealth and financial management services thus contribute to national development. It is a demonstration of the confidence entrusted in us by our clients who continuously challenge us to deliver globally relevant solutions in tune with their long-term and short-term dreams, goals, and ambitions.”
Stanbic Bank Kenya’s Head, Wealth & Investment, Aliya Khanbhai said, “The increase in family-owned businesses in Kenya and the need to ensure succession for generations to come has created a need for critical bespoke financial solutions. Efficient financing solutions and ensuring the best use of your assets and investments are just some of the areas Stanbic Wealth & Investment prides itself in and this has been recognized by this award.”
According to the organizers: “Standard Bank has delivered on that promise better than most, leveraging 130 years of experience in South Africa to build fast-growing wealth management operations in Nigeria, Kenya, Ghana, Uganda, Mauritius, London, and Jersey.”
Top sectors that generated wealth in the country last year were financial services and investments at 17% of the total; technology and telecommunications at 15%; retail, fashion and luxury goods at 11%; transport and logistics, manufacture of FMCG, and media at 7%; and basic materials (the extractive industry e.g. mining, oil and gas etc.) at 6%, according to the Report.
Stanbic Bank Kenya has recently renewed its focus on the wealth offering guided by customer needs and demand through the Wealth business unit, the bank’s third business unit, dedicated to serving the bank’s growing Personal and Business Banking, as well as Corporate and Investment Banking client base.