Read StandardBankGroupmainbankeratoeThekwiniMunicipalityinSouthAfrica.pdf text version

Standard Bank Group main bankers to eThekwini Municipality in South Africa 18 May 2010 eThekwini Municipality in the South African province of KwaZulu-Natal, has chosen Standard Bank Group (SBG) as its main bankers for the next five years, commencing 1 October 2010. Kennedy Bungane, Chief Executive, Corporate and Investment Banking of Standard Bank Group in South Africa, says: "We are thrilled to have been chosen as the banking partner to eThekwini Municipality, which is the second largest Metro in the country and a significant contributor to the economy of KwaZulu-Natal. This appointment reunites our previous partnership, spanning nearly 140 years." Bungane said that the significance of the partnership could not be overemphasised given that eThekwini managed a massive annual budget and has one of the highest municipal credit ratings of any metro in South Africa. This appointment further demonstrates SBG's commitment as a significant provider of banking and financial services to the all important public sector, both in South Africa and across the rest of Africa. "We look forward to working closely with eThekweni to enhance the Municipality's strong service delivery to the people of eThekwini," says Bungane. His Worship the Mayor, Councillor Obed Mlaba says: "The supply chain management process set out in the Municipal Finance Management Act envisages a regular review of banking clients, and Standard Bank was one of the banks invited to submit a tender for the Municipality's banking service. Standard Bank met all our criteria. We have always had a good relationship with Standard Bank, based on sound ethical principles and good business practices." Krish Kumar, Deputy City Manager: Treasury Cluster, says: "The Municipality handles a budget totalling nearly R26 billion, comprising R20.5 billion for operational expenditure and R5.3 billion for capital spending. We are grateful that Standard Bank will be working with us through these difficult economic times. Together we will face the challenges with a clear vision and review our spending plans and, where necessary, we will re-prioritise our allocations." SBG will be offering eThekwini Municipality a host of services and solutions, including transactional banking as well as range of lending products from short term working capital facilities to project and asset finance. It will also be able to facilitate payments by the residents of eThekwini through SBG's extensive network of branches and ATMs as well as electronic payments through the internet, including the payment of traffic fines to the municipality. SBG will also provide banking services to the Durban Pension Fund, The International Convention Centre and uShaka Marine World.

Issued by Standard Bank Group. Contacts: Erik Larsen, or call +27 11 636 7520 Ross Linstrom, or call on +27 11 636 3629


2 pages

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate


You might also be interested in