South African banking group Standard Bank (SBK) has been recognised as the Best Investment Bank in China for 2011/2012. This was announced at the recent China Outbound Investment Summit 2012‚ held in Beijing.
At the award ceremony‚ the panel of judges referred to Standard Bank’s strategic BRICS focus‚ innovative approach and diverse cross border deals as being reasons for the award. There was specific reference to three recent and unique China-Africa transactions‚ namely the 'world first' Central Bank of Nigeria reserve currency transaction‚ advising Metorex on Africa's largest mining investment by Jinchuan and for advising and facilitating China Investment Corporation’s (CIC) investment in Africa’s diversified industrial company Shanduka.
Craig Bond‚ Chief Executive of Standard Bank China said: “We are exceptionally proud to be honored here in China for the work we are doing with our strategic partners‚ the Industrial and Commercial Bank of China‚ in linking China to Africa and other key emerging markets. The very nature of the relationship between China and Africa means we can really make an impact by having expertise on the ground in both China and the relevant corresponding geographies.”
Standard Bank is Africa’s largest bank ikn terms of assets and is headquartered in South Africa. It currently operates full service banking operations in 18 countries in sub-Saharan Africa and corporate and investment banking activities in 13 counties outside of Africa.
Bond added: “Because of our presence and intimate understanding of Africa and its risks‚ we have been able to really help our Chinese clients understand the nuances of the transactions we work on. Likewise‚ through our presence in China and with our partners ICBC‚ we are able to help emerging markets clients navigate and work well with China.”
In the three transactions specifically mentioned‚ Standard Bank advised and provided a comprehensive solution of banking services and products to its clients where each one was distinct in its nature and were “first-time” transactions.
In the Central Bank of Nigeria deal‚ the Nigerian government became the first country to take on Renminbi as a portion of its currency reserves. The bank also advised CIC on its first equity investment in Africa. The Jinchuan transaction was also its first full acquisition in Africa.