Standard Chartered Zimbabwe

A strong performance last year, despite the country’s ongoing political and economic turbulence, along with innovative products for the local market have won the award for Standard Chartered Zimbabwe.

Standard Chartered finished 2002 with a 220% surge in net profits and a ROE of 57%. It posted big gains in assets and Tier 1 capital, which rose 141% and 135% respectively, while its cost-to-income ratio declined to 41%.

Last year, the bank rolled out several innovative products. These included full-service electronic banking for corporate clients, of which 75% are already in use, and the country’s first international credit card, which allows customers with foreign currency accounts in Zimbabwe to access their money from outside the country.

Standard Chartered continues to demonstrate its leadership in terms of regulatory compliance and social responsibility. It has received the highest ratings during audits by Zimbabwe’s central bank and has been involved in numerous community projects.

The bank also became one of the first Zimbabwean companies to provide antiretroviral drugs to its staff free of charge.

Washington Matsaira, CEO of Standard Chartered Zimbabwe, said: “We are delighted to have won the individual country award in the Bank of the Year Awards 2003 as this confirms our leadership position in Zimbabwe. We have been operating in a challenging environment but have found that perseverance, consistency and superior customer service are the key to success.

“We have taken advantage of the benefits that technology has to offer coupled with the introduction of new products that satisfy customer needs. We also place a high degree of importance on compliance and social responsibility, making us a well-rounded organisation. Our staff have worked tirelessly and deserve all the credit for this wonderful achievement.”


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