Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has been named the “Best Sub Custodian” in Nigeria for 2013 by Global Finance magazine, in affirmation of 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, recognizes the important role sub-custodians play in the safekeeping of clients’ assets, such as stocks, treasury bills and bonds. A formal presentation ceremony has been scheduled for September in Dubai, United Arab Emirates.
The selection of winners, according to a statement released by the organizers, is done by its editors and reporters, with input from expert sources, from among institutions that reliably provide the best custody services in local markets, regions and to global custodians.
The criteria used included customer relations, quality of service, competitive pricing; smooth handling of exception items, technology platforms, post-settlement operations, business continuity plans and knowledge of local regulations and practices.
“The sub-custody market is in a state of flux, with new regulations to deal with and a changing landscape of market players,” said Joseph Giarraputo, publisher and editorial director of Global Finance. “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.”
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