Stanbic Bank parent, Standard Bank, Africa’s biggest lender by assets, has been awarded the Best Bank for South African Rand and the Best Bank for African Currencies excluding the Rand, in FX Week’s 2016 survey of the global foreign exchange industry.
The FX Week Best Banks Awards are the benchmark for performance in the global FX industry and the most accurate indicator of which institutions are leading the market, according to banks, corporate treasurers and investors.
Richard de Roos, Standard Bank’s Head of Foreign Exchange says: “We are very pleased to receive this recognition for Standard Bank. These are premier awards for currency market makers across the continent’s foreign exchange trading industry, and the stature and quality of the participants in this survey certainly make these awards extremely relevant and an achievement for which Standard Bank is duly proud.”
The FX Week Best Banks awards were decided following a qualitative survey, which polled industry participants to determine their ranking of the most relevant and significant market makers in the currency trading universe.
“These awards are not only a recognition of our relevance to the market but also validate our strategy to leverage our dominant position in our local franchise markets in order to extract liquidity for the purposes of solidifying our growing role in international currency markets,” says Mr de Roos. “The fact that we have been recognised by the major participants in the market shows that our strategy is paying off.”
This is the first year for the accolade for Best Bank for African Currencies excluding the Rand, which was awarded to Standard Bank.
“There’s a common misconception to the outside Africa trading community that all African markets act as a bloc with similar characteristics and limitations, whereas in reality, this couldn’t be further from the truth,” says Mr de Roos. “Standard Bank has focused a lot of time and energy on understanding the nuances of each market in Africa by decentralizing the price making responsibilities away from the South African head office and has made each local market maker, the center of excellence in their own local currency. What this means for our global customers, is that each African FX price they receive from any of the Standard Bank/Stanbic entities, is onshore relevant.”
Standard Bank, which has a presence in 20 markets across Africa, is South Africa’s leading market maker and largest Rand trader, operating from 22 dealing rooms across the globe. Its widespread footprint across Africa means that Standard Bank is ideally positioned to maximise regional opportunities by using its operations to access multiple pools of liquidity from investors across Africa and the rest of the world.
The Best Banks survey is open to any foreign exchange end-user, including dealers, brokers, institutional investors and corporations, making them a highly accurate reflection of how foreign exchange professionals view their peers in terms of overall quality of service.
This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.
“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.
Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.
A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.
Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.
A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.
Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.
In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.
The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.
In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.
Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.
The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”
In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.
Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.
The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.