Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has won the Best-Custodian Bank Award in Nigeria for the ninth time. This was disclosed by Global Finance magazine, during the announcement of its selections for the 18th annual Best Sub-custodian Bank Awards in seven regions and more than 80 countries.

The Global Finance Best Sub-Custodian Bank Awards regularly distinguishes top performers among banks and other providers of financial services. By recognising excellence in the provision of top-notch securities services to global clients, it has become a trusted standard for the global financial community, designed with deep market knowledge and executed through innovative technology.

Expressing his excitement about this successive feat, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said: “Being consistently recognised by Global Finance as the best provider of custody services in Nigeria is an achievement that we are proud of. It affirms our leadership in the custody industry as well as our stance and competence in delivering top-notch banking services through cutting-edge innovations and proficiency.

“This recognition reflects who we are and what we offer. It will also spur us to continue to set a pace in the Nigerian financial industry through excellent service to our esteemed customers.”

Also commenting on the award, Akeem Oyewale, the Chief Executive of Stanbic IBTC Nominees Limited said “Our customers should not expect us to rest on our oars with this award, despite winning it repeatedly. Indeed, in line with our values, we seek to continually raise the bar. With enhanced focus on improved technology and digitisation, and explicit focus on market advocacy as tools to make Nigeria’s custody industry continue to rank with the best globally, Stanbic IBTC will continue to make clients get the best services in terms of custodial offerings. We are also leading in the implementation of Securities Lending products in Nigeria, and this will further enhance market liquidity and depth”.

Based on market research, input from expert sources as well as entry information, criteria such as customer relations, quality of service, competitive pricing, and smooth handling of exception items are used in selecting banks that reliably provide the best services in local markets and regions. Other criteria include technology platforms, post-settlement operations, business continuity plans as well as knowledge of local regulations and practices.
For the awards, Global Finance obtained input from users of sub-custody services. The performance was judged over the period covering 01 January 2019 through 31 December 2019.

Apart from Nigeria, three subsidiaries within Standard Bank Group, the parent company of Stanbic IBTC Holdings PLC, were selected as best sub-custodian banks for their respective countries. These are Ghana, Namibia and Mozambique.

Global Finance, founded in 1987 and headquartered in New York, is currently circulated in 187 countries. Its audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.