South African-based Standard Bank Group has been named 2010's Best Bank in Africa and best bank in five individual African countries by The Banker, a leading journal of the global banking and finance industry.

The annual Bank of the Year awards recognise banks that succeed in gaining strategic advantage and delivering shareholder returns in spite of volatile market conditions.

In addition to Best Bank in Africa, The Banker named Standard Bank Group the best bank in South Africa, Lesotho, Malawi, Uganda and Zimbabwe.

"Standard Bank has a deep and long-standing commitment to developing business in Africa," said Standard Bank Group Deputy CEO Ben Kruger in a statement last week. "We are delighted with this recognition of our capability on the continent as well as our ability to connect Africa and the world."

African 'calling card'

The Banker recognised Standard Bank Group for its ability to adapt to changing conditions, secure important deals and succeed in an increasingly competitive landscape.

According to the statement, the awards recognise the group's efforts to develop a solid banking business in key African regions going back many years to when the continent was still struggling to gain global confidence.

"Africa will remain our calling card and Standard Bank is ideally placed to capitalise on developments in the region," said Kruger.

"We are particularly well-placed to connect trade and investment opportunities in Africa to not only developed markets, but also with the emerging BRIC [Brazil, Russia, India and China] economies that are helping to propel growth in world trade."

SAinfo reporter