Stanbic IBTC Bank, a member of Stanbic IBTC Holdings said it had been named the “Best Sub Custodian" in Nigeria for 2013 by the Global Finance magazine.
The bank in a statement at the weekend attributed the award to its expertise and leadership in the provision of custody services in Nigeria. The bank won the same award in 2011 and 2012.
The award, which is in its 7th edition, recognises the important role sub-custodians play in the safekeeping of clients’ assets, such as stocks, treasury bills and bonds.
The Publisher and Editorial Director of Global Finance, Joseph Giarraputo said: “The sub-custody market is in a state of flux, with new regulations to deal with and a changing landscape of market players.
“Sub-custodians are key to the safekeeping of client assets. With these awards, we evaluate those banks that do the best job of asset servicing and protection in highly complex global markets.”
Commenting on the award, the Chief Executive Officer, Stanbic IBTC Holdings, Mrs Sola David-Borha, said the recognition further demonstrated the bank’s leadership of the Nigerian investor services (custody) sector.
"We are very pleased with this recognition as it is a testament to Stanbic IBTC’s commitment to its clients. This independent endorsement from a globally respected institution is certainly heart-warming.
“With continued momentum in cross-border trading, there remains a growing need for excellent custody services in Africa and particularly in Nigeria. Stanbic IBTC will strive to remain at the forefront of such activities to further develop and make the Nigerian market more investor-friendly," David-Borha stated.