Ecobank Zim crowned best bank

Ecobank Zim crowned best bank

MELODY CHIKONO

ECOBANK Zimbabwe was last night crowned the best bank in the country during the 22nd edition of the Banks and Banking Survey .

The survey is published by the Zimbabwe Independent , the country’s largest circulating business weekly, with support from the Zimbabwe Stock Exchange-listed First Capital Bank.

Ecobank, which extended its footprint into the Zimbabwean market about a decade ago, has firmly established itself as one of the country’s most influential financial services providers.

The BBS’ high level adjudication panel said the pan-African bank outshined its peers because of its lean cost structure, competitive advantage in trade finance, international payments and funding, which have spurred it to the top echelon of banking in Zimbabwe.

“The bank has been pivotal in cushioning the economy, particularly in facilitation of international payments at a time the country faced scarcity of forex ensuring that critical supplies for the country are maintained,” lead adjudicator, Equity Axis managing director Respect Gwenzi said.

“In the period under review, the bank stood out for its ability to streamline and maintain a lean cost structure resulting in an unmatched profitability compared to other banks.”

Stanbic Bank was voted the first runner-up, while CBZ Bank came in as the second runner-up.

Admore Kandlela, chief executive officer at the mass-market focussed People’s Own Savings Bank (POSB), was capped Bank CEO of the Year.

Gwenzi said for the banking sector, the years 2020 and 2021, were challenging, with the global financial system battling to shake off serious threats posed by the Covid-19 pandemic, while the domestic landscape was unsettled by currency volatilities.

Commenting on Stanbic, the lead adjudicator said they were impressed by the bank’s ability to capitalise on disruptions to stimulate growth.Gwenzi said Stanbic spurred its digitisation efforts during the period under review, tapping from its parent bank and retaining an urge on the market.He said Stanbic leveraged its strong asset base and United States dollar deposit base to spur interest earnings.Commenting on CBZ Holdings, Gwenzi said for over two decades, Zimbabwe’s biggest financial service outfit had remained pivotal in championing growth through funding of critical sectors.“In most recent years, CBZ experienced a successful transformation which ushered in not only new management, but a new direction for the company,” the lead adjudicator said.“The new management has stayed true to its promise and has since cleaned the bank’s historically contentious loan book and introduced new areas of focus. Its support for the agricultural sector is already yielding […]

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