Bank closes the year by highlighting its impressive list of investments and awards
Stanbic Bank Zambia has reaffirmed its commitment to driving local business and industry growth through the provision of customer-centric and innovative banking solutions.
Stanbic Bank Head of Personal and Business Banking Mukwandi Chibesakunda made the pledge at the bank’s annual stakeholders’ event, where he thanked clients and stakeholders for their continued support in 2016, and assured them of the bank’s own support for their businesses in the coming year as they sought to realise and achieve their business goals.
“As Stanbic, we seek to add real value to our clients’ businesses by supporting them by delivering knowledge-based banking solutions as well as exceptional client experiences,” said Mrs Chibesakunda.
Stanbic board of directors chairman Dr Austin Kaputo highlighted some of the accomplishments that the bank achieved in 2016 as a result of working closely with clients and various partners.
“The year has been a challenging one for the country as a whole, owing to several internal and external factors: high inflation rates in the first and second quarters, a tightening of liquidity on the market, reduced copper production and a reduction in world prices, and the electricity rationing linked to poor rainfall. Despite these pressures, Stanbic continues to be a leading bank in Zambia with a strong balance sheet,” said Dr Kaputo.
Stanbic has made significant investments during the year, financing projects in the local agriculture, infrastructure, and mining and energy sectors. Agriculture and agri-business has been one of the main focuses for the bank with US$155 million invested in the sector.
Stanbic has also been working with the government as well as other stakeholders in the energy sector to alleviate the power crisis in the country, in an effort to help foster conducive environments for production and industry growth. Over US$575 million has been sanctioned to finance projects aimed at alternative energy sources such as solar power.
As a result of its strong commitment to the agriculture sector, Stanbic Bank has been recognised as the Best Agri-business Bank in Zambia 2016 by the Global Banking and Finance Review; it also received the African Banking Award for Best Investment Bank in Zambia 2016, and was handed the Euromoney Excellence Award for Best Bank in Zambia 2016.
The recently-launched Construction Banking programme is another demonstration of Stanbic’s commitment, as the bank hopes to make a significant contribution to the growth of the local construction sector as well as infrastructure development in the country.
Stanbic’s support for Zambian businesses, corporates and SMEs alike, is reflected in its investment and loan portfolios. Its Business Connect Centre now also provides services to over 8,000 SMEs.
“With your continued support and that of our stakeholders, we can truly drive Zambia’s progress. Furthermore, we are looking forward to introducing new banking solutions for various industry sectors to support local infrastructure development and economic activities in 2017,” said Dr Kaputo.