Excellence Awards 2017 - Best Trade Bank in Africa: Standard Chartered

Awards | 1 August 2017

Africa

Standard Chartered opened its first branch in Africa over 150 years ago, and the bank continues to maintain a strong presence across the continent.

The bank is active in 15 countries across sub-Saharan Africa and supported over US$7bn worth of trade in 2016, US$2bn of which went towards energy projects.

"Despite the economic stress in a number of countries in Africa in 2016, we were able to do some landmark transactions in both East and West Africa, said Standard Chartered's Birju Sanghrajka, managing director, head of trade, transaction banking, Africa and Middle East.  

"The one that stands out for me is in East Africa, where we supported the import of much needed advanced medical equipment to support government managed medical facilities and built in a receivables finance solution around this on behalf of the exporter."

The bank also launched its Trade Transaction Owner (TTO) initiative last year, which has helped many African corporates improve their processes and become more efficient.

TTO enables clients to interact directly with the bank representative responsible for delivering their transaction in a committed timeframe, giving both parties a clear map of what the other needs to move the transaction forward.

"It makes a world of a difference when our processing teams understand the commercial imperative and at the same time advise our clients on ways they can improve their own processes," said Sanghrajka.  

On where Standard Chartered is looking next for growth, Sanghrajka said, "Digitisation - Africa has taken the leap forward in terms of digitising cash and payments. We believe that the continent is ripe for digitisation of trade finance and are taking the lead on this with our clients," he added.

Runners up: Standard Bank and Ecobank (10 banks were nominated).

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