Africa’s largest bank, Standard Bank, has produced a solid performance in 2013, increasing headline earnings per share by 14%. This performance has also been reflected in the local business which continues to deliver year on year growth, posting a 20% increase in net profits after tax.
John Coyle, Chief Executive Officer, Standard Bank, Isle of Man attributed the local business’s positive results to a number of factors: “Some clients want to diversify their risks and are seeking alternative options to the traditional UK and European banks but just as important are our commitments to long-term relationships and client service. For example, we have now won Professional Adviser Magazine’s “Best International Banking service” award in four of the last five years.
Whilst Standard Bank has an international client base, much of the recent growth has come from clients with connections to Africa. “As an experienced player in emerging markets, we are comfortable and experienced in dealing with clients from Africa and we have the appetite and capability to deal with more complex client requirements” explained Mr Coyle.
“A significant part of our business now also comes from supporting key sectors operating in the lsle of Man. In particular, for those companies such as Trust and Corporate Service Providers who themselves have business dealings into or from the African continent, we are increasingly becoming the ‘go-to’ bank on the island, due to our high level of knowledge and expertise in those markets. Africa contains many of the world’s fastest growing economies and the number of High Net Worth Individuals on the continent is booming. This can only bring benefits to those companies who can deliver relevant products and services to meet the growing financial needs of such clients. As part of Africa’s largest banking group, we are well placed to help island based firms take advantage of these opportunities.”
Category: Finance & Business