Standard Bank and Bank of New York Mellon in partnership

| Wednesday September 1, 2010 00:00

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.  This appointment further demonstrates Standard Bank's commitment as the leading emerging markets financial services provider across sub-Saharan Africa.  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.

The BNYM previously used two providers in sub Saharan Africa:

* Barclays in Botswana, Ghana, Kenya, Zambia and Zimbabwe. *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.  Head of Custody at the bank in Ghana, William Sowah stated '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'. He assured.