By Michael Eboh

Standard Bank has reiterated its determination to expand its custody services across key markets in Africa and the world in general.

This was as the bank was appointed by the Bank of New York Mellon (BNY Mellon), as its main custody provider in Sub-Saharan Africa.

Head of Custody, Standard Bank, Ghana, William Sowah said that the bank will continually invest in the development of new products and in its core business activities so as to ensure the growth of its business across the African region.

According to him, its growth plans is a reaffirmation of the bank’s belief in and commitment to the African region and the future of the continent.

He said, “Standard Bank will persistently focus on the development of custody capabilities in new markets and the development of new products, as well as extending existing product capability to new markets.

“As growth increases among the range of products and value-added services with respect to custody, investment and securities lending services to both our clients and the Standard Bank Group, we will keep investing heavily in these core business functions to maintain our leadership position in the respective sub-Saharan African markets.

According to a statement by Standard Bank, the appointment by BNY Mellon, was after a thorough review of BNY Mellon’s current custody providers in Sub-Saharan Africa.

The statement noted that through the banking subsidiaries of the group (Stanbic/Standard Bank entities) Standard Bank has custody capabilities in the following 12 sub_Saharan markets: South Africa, Nigeria, Kenya, Zambia, Ghana, Swaziland, Zimbabwe, Botswana, Namibia, Malawi, Mauritius and Uganda.
Standard Bank has now been awarded their entire sub Saharan Africa custody business.

It further stated that the appointment further demonstrates Standard Bank’s commitment as the leading emerging markets financial services provider across sub-Saharan Africa.

The statement reads, “Established in 2007 from the merger of Mellon Financial Corporation and The Bank of New York Company, Inc., The Bank of New York Mellon has $19.5 trillion in assets under custody or administration and $881 billion under management.

“BNY Mellon previously used two providers in sub Saharan Africa: Barclays in Botswana, Ghana, Kenya, Zambia and Zimbabwe; and Standard Bank in Nigeria, Namibia, Swaziland and South Africa.

“BNYM pointed out that the review undertaken was done totally impartial and that the Alliance between BNY Mellon and Standard Bank played no role in their decision.  They further confirmed that they felt Standard Bank’s solutions and service to be of the highest standing.”