Global Finance Magazine has named
Stanbic IBTC Bank as “Best
Sub-custodian” in Nigeria for 2016 .
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.
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