SOUTH AFRICA - Standard Bank, South Africa's leading provider of custodial services, has announced plans to enhance its custody product offering in sub-Saharan Africa through the creation of a regional custody network.
Standard Bank's initial focus will be on Kenya, Nigeria, Botswana, Namibia and Zimbabwe, with the goal of having a substantial part of the network in place by the end of 2003. The remaining markets will be converted to the network during the first quarter of 2004.
During this year the group also plans to launch custody operations in Malawi through Commercial Bank of Malawi.
“The objective is to provide a comprehensive custody and settlement service in Africa. The network will leverage off Standard Bank's experience and technology in South Africa to improve service delivery and reduce operational risks across Africa,” said Sim Tshabalala, managing director of Stanbic Africa, Standard Bank’s Africa operations.
The regional network is in response to client feedback on what they require from a sub-Saharan custody and settlement bank and is directly aligned with the overall strategy adopted by the bank in late 2002, said David Price, director of Standard Bank Financial Asset Services.
“One of the major concerns of investors has been the poor performance of custody and settlement service providers within sub-Saharan Africa,” added Price.
“Although volumes are generally small relative to South Africa, indifferent performance in these markets has created a significant workload for our clients. This situation impacts investor's views on service quality and performance,”
Augustine Kwakye-Agyekum has been appointed network manager responsible for all due diligence within the respective countries.
Kwakye-Agyekum, based in Johannesburg, will also act as liaison between the various country operations and the central hub located in Johannesburg.
*SG Global Securities Services (SG GSS) in Johannesburg has secured an US$800m mandate to exclusively provide South African sub-custody and securities services to Mellon Financial Corporation.
SG GSS has participated in the local securities services market for over a decade.
“Mellon is committed to working with world class banks in emerging markets, which enables us to bring top quality service to clients investing in markets from the US to Uganda.”
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