Stanbic IBTC has been named the “Best Sub-custodian” in Nigeria for 2016 by Global Finance magazine.
The London-based Global Finance magazine, organisers of the awards, announced that for the 2016 awards, it expanded the scope of the survey to include sectors such as Depositary Receipt Banks, Securities Lenders, Prime Brokers, Collateral Managers and Trust Services Providers.
The latest win makes it the sixth time in a row Stanbic IBTC Bank will be adjudged the best in the country, in recognition of its leadership in the sector.
Chief Executive, Stanbic IBTC Bank, Yinka Sanni, stated that winning the award again this year, particularly with the current financial challenges, is a testament to the bank’s strong management, systems and innovative solutions, and its leadership of Nigeria’s custody sector.
“We are delighted to be recognized for the sixth time as the best provider of custody services in Nigeria. It is a demonstration of our strength in terms of our management, systems and solutions. This award will energize us to continue to provide unparalleled services to our customers as we raise the bar in the provision of investor services,” Sanni said. “The need for excellent custody services in Nigeria remains strong, driven by the impetus in cross-border investment activities, and we are well positioned to provide such services,” Sanni added.
The yearly award, instituted 14 years ago, recognizes the pivotal role sub-custodians play in business and investment activities via the safekeeping of clients’ assets, such as bonds, stocks and treasury bills.
Winners are selected by Global Finance magazine’s editors and reporters, with input from expert sources, from among institutions that reliably provide the best custody services in local markets, regions and to global custodians.
The criteria used, according to Global Finance, included technology platforms, competitive pricing, customer relations, smooth handling of exception items, quality of service, post-settlement operations, business continuity plans and knowledge of local regulations and practices.
“Global investors and institutions want to work with firms that are the safest and have the most in-depth knowledge of local markets and regulatory regimes. With these awards, we evaluate those providers that do the best job of securities servicing in increasingly complex global markets,” Global Finance Editor, Andrea Fiano, said in a release to announce the winners.
Chief Executive, Stanbic IBTC Nominees, Akeem Oyewale, said the organisation will not rest on its oars in delivering value to customers as well as prospects. He added that Stanbic IBTC Nominees, a wholly-owned subsidiary of Stanbic IBTC Holdings PLC which holds custodial assets on behalf of clients of Stanbic IBTC Bank will continue to leverage the expertise, technology and experience of the Standard Bank Group, to which Stanbic IBTC belongs, to deliver sustainable shareholder value by serving the needs of its clientele.