27 July 2011
South Africa’s Standard Bank Group has again been named Africa’s top bank in The Banker magazine’s 2011 rankings of the world’s top banks by their Tier 1 capital.
It also rose from 106th to 94th place in the list of 1000 top banks in the world.
Standard Bank Group Deputy CEO Sim Tshabalala said the bank’s continued rise up The Banker’s rankings table demonstrated the group’s strength and ability to implement its strategy across Africa.
“It is particularly pleasing to achieve a top ranking on the basis of objective criteria applied by an independent journal,” Tshabalala said in a statement this month. “The ranking points again to the substance in our strategy to keep Africa firmly at the core of Standard Bank Group.”
Leading global journal
The Banker is a leading global journal of the banking sector. Its annual top 1 000 world banks survey is to show banks’ soundness in relation to the Basel requirement of a minimum ratio of Tier 1 capital to risk-weighted assets of 4% (increasing to 7% by 2019), and a minimum ratio of total capital to risk-weighted assets of 8%.
In its July edition, The Banker says that Standard Bank has increased its Tier 1 capital to US$12.06-billion, an increase of 26.15% on the previous year and almost twice as much as the second-ranked bank.
“The strong capital position, highlighted by The Banker’s rankings, provides a stable platform for further growth,” Tshabalala said. “We will continue to build first-class, on-the-ground banking franchises in chosen markets in Africa, investing in people, branch networks and systems.”
SAinfo reporter
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