By Peter Egwuatu
Stanbic IBTC Bank Plc, a member of the Standard Bank Group, has been named the “Best Issuing House in Africa” at the 2010 African Banker Awards.

The winners were announced at a gala dinner and awards ceremony at the Willard Intercontinental Hotel in Washington, DC, United States last week.

Organized by African Banker Magazine and IC Events, the African Banker Awards is designed to recognize the reforms, modernization, consolidation, integration and expansion of Africa’s banking and financial system and to celebrate excellence and best practices in banking on the continent.

Stanbic IBTC’s Deputy Chief Executive Officer, Mrs. Sola David-Borha, who represented the bank at the event, said the feat further demonstrates Stanbic IBTC’s strong track record in the Nigerian capital market and the financial services industry in general.

“We are especially pleased to receive recognition for our efforts in Nigeria. The banking sector in Nigeria has been under considerable pressure in recent times, but Stanbic IBTC has continued to deliver credible performances across all segments of the business,” David-Borha said.

She added that Stanbic IBTC is well poised to continue to expand its business in Nigeria, including the ongoing branch expansion that has seen the opening of over 40 new branches in the first half of this year.

“We have developed a strong foundation across our Personal and Business Banking, Wealth and Corporate and Investment Banking divisions. We have particularly built up, as recognized by this award, excellent skills in all aspects of corporate and investment banking, and we aim to extend our leading position in these key areas,” she stated.

Stanbic IBTC was noted for being a leading Issuing House by transaction value, having acted on the largest public issues and private placements in the history of the Nigerian capital market. It was praised its excellent track record with local and international investors, and for handling large, complex and high profile transactions in an efficient manner that meets its clients’ needs.

Among recent signature transactions in which the bank served as issuing and receiving house include Cadbury Nigeria’s N22.2 billion rights issue, SIM Capital Alliance’s N=5 billion Value Fund IPO, Lagos State’s N50 billion bond, United Bank for Africa Plc’s N20bn Tier 2 capital bond, and Oando Nigeria’s N20 billion rights issue.

Commenting on this year’s awards, Omar Ben Yedder, publisher, African Banker magazine, said, “We are pleased to see such a diverse set of winners this year. Banking is still growing rapidly throughout Africa and we are seeing large groups diversifying their activities and product offerings. This is necessary and the private sector needs strong banking institutions. African banks are well capitalized by international standards but can play an even bigger role in driving growth and assisting small businesses. I am confident, with the talent on show here tonight, that they will rise to this challenge.”

Dr. James Mwangi, Managing Director and Chief Executive Officer of Kenya’s Equity Bank picked up the African Banker of the Year award, while Nigeria’s Access Bank won the Socially Responsible Bank of the Year award.