A lot of people have been asking on Quora what is the best bank for Forex Trading in South Africa and we’ve found an answer to their question. The Standard Bank of South Africa Limited has been named ‘best African Forex provider’.
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Standard Bank is a South African financial services group and is Africa’s biggest lender by assets. The bank’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg, South Africa.
Last week, Standard Bank announced that it has been named best foreign exchange provider in Africa by New York-based magazine Global Finance.
South Africa’s Standard Bank was also named the best foreign exchange provider or best online trading provider in four countries: Zambia, Nigeria, South Africa and Botswana.
Standard Bank Group’s head of global markets sales in Africa, SJ Kok, said in a statement that: “Africa continues to be at the core of Standard Bank Group’s growth strategy and to play a leading role in local market development.”
“Winning the awards is particularly significant because they reflect Standard Bank’s success in investing in the development of on-the-ground banking capabilities in various African markets.
Kok further added that: “Being successful in providing foreign exchange services requires so much more than an intention to expand into Africa. Standard Bank is delivering successfully because the bank has invested not only funds but many years in steadily building our African presence and capabilities.”
As reported by Brand South Africa, The Standard Bank Group is currently the largest foreign exchange provider in South Africa with a 30% market share, and operates over 1 000 branches in 18 African countries and 13 countries around the rest of the world.
It has the ability to provide foreign exchange pricing in 40 African countries, as well as foreign exchange settlement and capabilities in 22 countries it does not have a presence in.
“Standard Bank’s African roots and physical onshore presence enable a deeper understanding of local market dynamics and the various regulatory frameworks within which we operate,” – Kok said.
“This enables Standard Bank to provide local market solutions that differentiate our offering from others, as we leverage our trading capability in these markets.”
Image Courtesy: Supplied
