African Rainbow Minerals’ Konkola North copper project wins at Euromoney Awards
Standard Bank’s funding of projects in Zambia’s Copperbelt provides further evidence of the traction Standard Bank has for its strategy in Africa
Lusaka, July 6, 2012 – The Standard Bank Group, which operates as Stanbic Bank in Zambia, has won the Best Project Finance House in the Euromoney Awards. The award includes the financing of the $80-million for African Rainbow Minerals’ Konkola North copper project in Zambia; more than $180-million for the Boseto Copper Project in Botswana; $50-million for the GOVE Hydropower project in Angola; and R350-million for the ROMPCO oil pipeline expansion in Mozambique.
Standard Bank Group was prominent among the winners of the 2012 Euromoney Awards for Excellence recently announced in London, receiving accolades for its work in mergers and acquisitions, risk advisory, project finance and debt capital markets.
Standard Bank was also named Best Risk Advisor in Africa, Best M&A House in South Africa, Best Project Finance House in Africa and Best Debt Capital Markets House in Africa.
Chris Newson, Chief Executive Standard Bank Africa, says receiving these awards is particularly significant in the context of the challenging environment for banks in recent times.
“Banks have had to generally adapt to increased volatility, tough liquidity markets in certain geographies, fewer deal opportunities and a range of changing regulations. In spite of this environment it is pleasing that in our region we have come through the challenges in a particularly strong position,” says Mr Newson.
“To be independently judged as successful in these award categories is indeed gratifying as it provides further evidence of the traction Standard Bank has for its strategy in Africa. Placing the continent at our core and building our operations across Africa is an approach that we are confident will continue to deliver results,” he says.
The award for Best Risk Advisor in Africa recognised Standard Bank for a transaction last September. In a period of 48 hours, Standard Bank assisted a large corporate with a debt restructure solution which included a large amount of market, credit and legal risk. Standard Bank’s effective re-structure, together with its ability to assume and disseminate large amounts of market risk, facilitated an optimal solution for the client.
Says Mr Newson: “In receiving these awards we recognise that they are truly a function of the support and commitment of our clients and staff for which we are grateful. It is particularly satisfying that our focus on providing on-the-ground expertise across Africa has been recognised. That commitment is stronger than ever and Standard Bank continues to make significant investments in expanding and deepening our in-country capabilities in the 18 African countries where we are present.”
Euromoney is a leading journal of the global financial services sector. The 2012 Euromoney Awards for Excellence attracted over 600 submissions from the world’s banks and brokerage houses. Euromoney’s research team and awards panel rated submissions on quantitative and qualitative factors such as key performance indicators, financial ratios and innovation.