Stanbic Bank’s Mining Client Value Proposition sets tone for extractive industry growth

STANBIC Bank Zimbabwe has launched a ‘Mining Client Value Proposition, signalling renewed dedication to empowering the mining sector and driving sustainable economic growth in the country.

The initiative cements the bank’s rich legacy of providing unwavering support to the mining sector, says chief executive officer, Mr Solomon Nyanhongo.

The bank’s ethos is encapsulated in the driving motto “Zimbabwe is our home, we drive her growth,” and this development underscores its deep-seated commitment to the country’s prosperity, he added.

For decades, Stanbic Bank has been a key player in the mining sector and its dedication has seen the institution through cycles of growth and challenges alike culminating in renewing its pledge to the sector, reinforcing its role not just as a bank but as a partner in progress through this launch.

“Stanbic Bank Zimbabwe has stood shoulder-to-shoulder with the mining sector, offering tailored financial solutions and support. Today, we are proud to reaffirm our commitment and unveil our enhanced Mining Client Value Proposition,” said Mr Nyanhongo during the recent launch.

He said central to Stanbic Bank’s approach is a commitment to fostering meaningful partnerships with its clients for mutual growth and success. Mr Nyanhongo said Stanbic also banks on its global partnerships to foster local growth hence the wholly-owned Standard Bank Group subsidiary is the largest bank in Africa by assets and employees base.

The group is represented in 20 countries in Africa with its footprints across the continent.

“As you expand and outgrow the Zimbabwe market and want to go into other areas in Africa, we are there to introduce you to our banking partners or to our fellow subsidiaries and companies throughout Africa,” said Mr Nyanhongo.

Standard Bank is also an associate of the largest bank in the world, Industrial and Commercial Bank of China (ICBC Bank) domiciled in China.

“There you are guaranteed again, world class practices, financial discipline and everything, which meets the world standards,” he said.

Stanbic’s partnership with the Industrial and Commercial Bank of China (ICBC) through its parent company Standard Bank Group is instrumental in securing and facilitating the importation of quality machinery and chemicals from China.

Speaking at the same event, Stanbic head of business and commercial banking, Mr Patson Mahatchi said the institution seeks to transcend traditional banking boundaries through collaborative efforts and strategic alliances, which will propel it to being the foremost financial partner for the mining sector in Zimbabwe.

“At Stanbic Bank Zimbabwe, we are cognisant of the fact that mining contributes significantly to the economic growth of Zimbabwe. As such, our renewed commitment is not just about banking but about galvanising industry growth and driving positive change,” he said.

Mr Mahatchi said the enhanced Mining Client Value Proposition offers a comprehensive suite of financial products and services tailored to meet the evolving needs of mining companies.

He added that Stanbic Bank Zimbabwe remains steadfast in its mission to empower mining clients to achieve their full potential on the back of a cocktail of innovative financial solutions, risk management strategies and digital banking platforms.

“Through our renewed commitment, we aim to unlock new opportunities, drive operational excellence, and contribute to the long-term prosperity of Zimbabwe,” said Mr Mahatchi.

He said the launch represents more than just a business initiative for Stanbic Bank but a reaffirmation of its role as a catalyst for growth and development in Zimbabwe’s mining industry.

The Mining Client Value Proposition demonstrates the bank’s understanding of the financial intricacies and needs of the mining sector, said the official.

“At Stanbic Bank we invest in relationships, fostering a collaborative environment where every stakeholder thrives. Together, we are not just banking on growth, but we are cultivating it,” said Mr Mahatchi.

Chamber of Mines chief executive officer, Mr Isaac Kwesu, commended Stanbic Bank for launching the Mining Client Value Proposition saying it would help enrich the mining space in Zimbabwe.

In a speech read on his behalf by Chamber of Mines, mining affairs manager, Mr David Matyanga, Mr Kwesu said the launch by Stanbic Bank would go a long way in making the business operating environment competitive to attract investments commensurate with its endowments.

“This event by Stanbic is so important. Continual improvement of product offerings through innovation and use of cutting-edge technologies is bound to improve the business environment,” said Mr Kwesu.

He said the Chamber of Mines of Zimbabwe enjoys a great working relationship with Stanbic Bank and appreciates its innovativeness and responsiveness to the needs of the mining industry.-chronicle.co.zw