Our purpose is to drive Africa’s growth. We are committed to being more than a provider of financial products and services – we are a catalyst for economic change in our countries of operation and we make life better for our fellow Africans by doing the right business the right way. On this page you will find an overview of Standard Bank and why we believe in ‘reporting to society’.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa is our home, we drive her growth. We aim to make life better for our fellow Africans by doing the right business, the right way, contributing to the financial wellbeing of our clients, and supporting sustainable and job-creating growth of the economies in which we operate.
On this page:An account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Our reporting to society platform aims to communicate with a broad group of stakeholders about how we approach Environmental, Social and Governance (ESG) processes, and how we impact on the societies, economies and environments in which we operate.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
SEE requires us to take a long-term view, and to assess the positive and negative impacts of every business decision not just for the group, but for the communities in which we operate.
On this page:An account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
We have a series of internal policies, procedures and controls in place to ensure that accurate data is provided. Our group social and ethics committee provided oversight of this report. PricewaterhouseCoopers provided limited external assurance on selected performance data in this report, indicated by a (tick), in accordance with the International Standard on Assurance Engagements (ISAE 3000). The scope of the assurance engagement and the statement of assurance are provided in this section.
Download PDFAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
We’ve identified seven areas in which we believe we can best achieve our purpose, to drive Africa’s growth, while making a substantial positive impact on society, the economy and the environment.
SEE moreAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Financial inclusion supports economic and human development and reduces inequality. Achieving financial inclusion requires that individuals and businesses have access to useful and affordable financial products and services that meet their needs, delivered in a responsible and sustainable way. This includes payments, savings, credit and insurance.
Summary Digital solutions to improve access and affordability Consumer education Providing solutions to encourage people to save and plan for their future financial security Enabling home ownership Insurance Remittance servicesAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Standard Bank adopted health an additional SEE impact area in 2019, in line with SDG 3, to ensure healthy lives and promote well-being for all at all ages, and in recognition that attainment of several other SDGs, including ending poverty and reducing inequalities, depends on improving the health of Africa’s people.
Summary Affordable health and life insurance solutions Provision of medical equipment and infrastructure Corporate social investmentAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Job creation and enterprise growth drives economic development and alleviates poverty. Standard Bank works with our clients to understand their challenges and priorities, provide them with appropriate financial solutions to support their growth and expansion into new markets, and deliver digital solutions to meet their unique needs. We also provide targeted support to our SME clients, to help them develop their businesses, grow their skills, manage cash flow and access new business opportunities.
Summary Partnering with Africa’s fintech entrepreneurs Standard Bank incubators and enterprise development services Innovative credit solutions Technological solutions for small-scale farmers to improve productivity and access to finance Partnership with UN Women to improve women farmers’ productivity through climate smart agriculture Services tailored for small enterprisesAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Improvements to energy, water, transport and telecommunications infrastructure facilitate economic growth and create opportunities for job creation and human development. Crucial public infrastructure, like schools and housing, helps people improve their standards of living and future prospects. Standard Bank works with governments, development finance institutions and other commercial banks to structure and provide appropriate financial solutions to address Africa’s infrastructure gaps.
Summary Energy infrastructure Transport infrastructure Telecommunications infrastructure Sustainable housing School infrastructureAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa’s growth depends on her people having access to quality education, and the promotion of skills training and lifelong learning opportunities in the context of the fourth industrial revolution. Standard Bank supports this in various ways. We work with partners in the education and corporate sectors to address the challenge of affordable and accessible student finance.
Summary Corporate social investment Access to student finance Employee developmentAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
African economic growth depends on the ability of African governments and businesses to access international investment and value chains. Standard Bank helps facilitate investment and trade flows between African countries, and between African countries and global markets, drawing on our presence in major international markets, our ability to access international pools of capital, our strong client relationships with global multi-nationals, and our strategic partnership with ICBC.
Summary Facilitating investment in Africa Helping African governments and businesses access capital Connecting China and Africa Taking the friction out of trade financeAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Africa is extremely vulnerable to climate change, with major implications for agricultural production, food security, access to water, health and livelihoods. Many parts of the continent are already experiencing increased water stress as a result of prolonged drought, while yields from rain-fed agriculture are declining in many areas.
Summary Managing climate-related risk Sustainable finance Working with businesses and households to implement smallscale green energy solutions Sustainable bond framework Sustainable trade finance UN Principles for Responsible BankingAn account of our social, economic and environmental impacts and how these contribute to our sustainability and ability to achieve our purpose. It includes our environmental, social and governance report, and Standard Bank South Africa’s transformation report.
Standard Bank recognises that our core business activities must contribute to the prosperity and wellbeing of the societies and environment in which we operate. This understanding defines our purpose: Africa is our home. We drive her growth, and is supported by sound environmental, social and governance (ESG) management.
This report provides an overview of the groups ESG policies, processes and governance structures in place to support our commitment to doing the right business the right way.
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Our report highlights how we ensure that a strong ethical culture and appropriate conduct is embedded across the group - reflected in the way in which we treat our clients, suppliers and partners, how we support and develop our people, and how we impact on the societies in which we operate.
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
“Around the world, investors, regulators and standard setting bodies are demanding greater transparency about how businesses are managing non-financial risks, particularly those created by climate change. Social expectations about the role and responsibilities of business in general also continue to change. Our business depends on us being a trusted partner to a broad range of stakeholders, including our clients, our regulators, our business partners and the communities in which we operate.”
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
The Standard Bank Group board is responsible for ensuring the Standard Bank Group conducts itself as a responsible, ethical corporate citizen
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank’s material issues are those that matter most to our key stakeholders and providers of capital, and impact on our ability to create value in the short, medium and long term. Our material issues are informed by the expectations of our stakeholders, and the economic, social and environmental context in which we operate.
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Stakeholder engagement is part of our everyday business. We depend on constructive relationships with our diverse stakeholders to achieve our purpose of driving Africa’s growth, understand stakeholder expectations, and help us identify the material issues impacting our business.
On this page:This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Achieving our group purpose and strategy depends on our reputation as a trusted partner across Africa. The group's code of ethics, organisational culture and values determine how we do business and with whom we do business.
How we do business Ethics and values Managing our risks Whistleblowing UN Principles for Responsible Banking Respecting human rights Our approach to tax matters Our approach to procurement Personal Conduct and managing conflicts of interest Market conduct and treating our customers fairly Market abuse controlThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank’s ESG risk assessment process is based on international best practice. The group adopted an environmental and social risk governance standard and policy in 2018, which set out the principles under which we identify, measure, manage and report on environmental and social (E&S) risk.
Managing our environmental and social risks Managing E&S risk in lending Managing climate risk Reducing our direct environmental footprintThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
There is an increase in opportunities to deliver sustainable and impactful investment expertise to our clients and stakeholders across a broad range of growth themes.
Sustainable finance Sustainable Bond Framework Sustainable trade finance Investment in renewable energy Working with businesses and households to implement smallscale green energy solutionsThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
How our people think and feel about their work correlates directly with how satisfied our clients are, and how successful we are in delivering our strategy and performance aspirations. We strive to create a work environment in which our people feel deeply connected to our purpose, their colleagues and our clients.
Our people Leadership development Employee development Talent attraction and retention Diversity and inclusion Employee wellbeingThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Standard Bank aims to create shared value through our corporate social investment (CSI) initiatives, addressing social needs in a sustainable manner. Our CSI programme aims to deliver benefits for the communities in which we operate, while enhancing our visibility and reputation, improving our employee experience, and demonstrating our local relevance
SEE moreThis report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
We understand that the responsible management of environment, health, safety and social responsibility issues is important to our growth, profitability and long-term success. This section provides a selection of our ESG performance data from 2017 – 2019 and a view of our governance policies.
On this page:
This report provides an overview of our environmental, social and governance (ESG) practices and performance for 2019.
Our 2019 B-BBEE certificate.
Download PDFThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
Standard Bank South Africa’s (SBSA) Transformation report provides an overview of the activities that we perform to support economic inclusion and transformation in South Africa. The report is structured according to the elements of the Financial Sector Code (FSC) and covers the initiatives, projects, and strategies we’ve put in place to drive transformation within the bank and the economy.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
The transformation of South Africa’s economy is a multifaceted and long-term undertaking. We are committed to playing our role in supporting this transformation.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
“We reflect our commitment to improving societies in our SEE value driver, which drives our strategy and is one of the measures against which we assess our performance.”
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
In 2019 we maintained our Level 1 rating and also improved our score from 111.45 in 2018 to 117.33 in 2019.
The report is structured according to the elements of the Financial Sector Code and covers the initiatives, projects, and strategies that are in place to drive transformation. Our B-BBEE scorecard highlights our performance in 2019.
Standard Bank’s BEE Scorecard 2019 Ownership Management control Skills development Preferential procurement Socioeconomic development and consumer education Empowerment financing and enterprise and supplier development Access to financial servicesThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
More information about the ways in which Standard Bank is impacting on the economies and societies in which we operate.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
The transformation of South Africa’s economy is a multifaceted and long-term undertaking. We are committed to playing our role in supporting this transformation. We recognise that broad-based black economic empowerment (BBBEE) is a moral, legal and commercial imperative, crucial to securing a more sustainable growth path for South Africa.
SEE moreThis section of our reporting suite looks at how The Standard Bank of South Africa (SBSA) is enabling the transformation of South Africa’s economy through our broad-based black economic empowerment programmes.
The growing trade and investment links between China and Africa offer huge opportunities to expand Africa’s manufacturing sector and create jobs. Analysts estimate that over 10 000 Chinese-owned firms operate across Africa. Increasing numbers of African businesses are also doing business in China. In both cases, these businesses range from large corporations to small-scale firms with ambitions to grow. Since 2008, Standard Bank and the Industrial and Commercial Bank of China (ICBC) have been working in partnership to encourage trade and investment in the China-Africa corridor, and fulfil the needs of these diverse businesses with a broad suite of financial services. Since 2016, Standard Bank and ICBC have jointly closed USD3.6 billion worth of deals in Africa, with a focus on infrastructure and energy.
Standard Bank’s Africa China Agent Proposition (ACAP) supports African importers to source and validate quality goods, safely and efficiently, from the most competitive suppliers in China.
African importers often have contact with only a handful of trusted Chinese suppliers, providing them with limited choice and restricting their negotiating power. While ordering online provides access to a wider range of suppliers, it introduces potential risk in relation to the quality of products, and generally requires advance payment before goods can be shipped. Payment terms often specify cash, without reciprocal guarantees of delivery or quality. As a result, African importers often carry a disproportionate burden of risk in transactions. Language and cultural barriers may also pose a challenge when travelling and negotiating supplier agreements in China.
To help African importers manage these challenges and maximise their relationships with Chinese trading partners, Standard Bank and the ICBC have developed ACAP as a solution to connect African importers with dedicated trade agents in China. ACAP aims to deepen trust in Africa-China trade relationships, guaranteeing African importers access to the best suppliers in China, while providing excellent payment terms and ensuring product quality. ACAP also helps African importers better manage their cash flow, by providing access to finance and giving importers oversight and control of the entire importing and logistics process.
The ACAP offering is underpinned by a letter of credit. This allows African importers to receive goods before payment is made. If any of the terms of the letter of credit are not met, payment will not be made. This significantly strengthens the negotiating power of African importers in relation to price, quality and efficiency of the importing process. Chinese suppliers can also be confident that once the terms of the letter of credit have been met, payment will be made in full and on time, guaranteed by Standard Bank and ICBC.
Apart from the fees associated with conducting an international trade via a letter of credit, the entire ACAP offering is available without cost, simply by joining Standard Bank’s digital trading platform, the Trade Club. ACAP is available in Ghana, Kenya, Mozambique, Nigeria, South Africa and Uganda, and will be launched in other markets in the coming months.
Zhejiang International Trading Supply Chain Co. Ltd (Guomao) is the first Chinese trade agent nominated by ICBC to partner with Standard Bank to assist African importers trade seamlessly with China. In time, Standard Bank’s ACAP offering will include other Chinese trade agents in other key international trade hubs in China, deepening access to China’s supplier universe. Guomao currently has about 10 000 suppliers that meet the import needs of Standard Bank’s clients. Guomao assists African importers to source the right suppliers, negotiate the best prices and trade conditions and validate the quality of goods. It also assists African importers to arrange travel to China and meet with a broad range of suppliers and provide translators to facilitate trade negotiations and discussions. Guomao provides quality guarantees on goods from its recommended Chinese suppliers and rectifies any quality issues on behalf of the African importer. It also provides support in handling shipping logistics and providing finance based on a letter of credit from Standard Bank and ICBC. If a client requires something beyond the capacity of Guomao’s supplier base, Guomao will source new suppliers who will be subjected to validation and verification.
Standard Bank representatives with General Manager, Zhejiang International Trading Supply Chain Company Limited, Mr Ralph Deng, at the launch of Stanbic IBTC Africa-China Agent Proposition in Lagos on 21 May 2019. |
Standard Bank’s Africa China Export Proposition (ACEP) aims to boost the export of African products to China, by easing language, cultural, logistics and regulatory challenges, and connecting our exportready clients from across Africa with suitable importers in China.
Standard Bank’s experience in facilitating Africa-China trade means our clients benefit from access to trusted market opportunities in China, while simultaneously being able to access trade finance and guidance on the requirements for bringing their specific product into China. We work with our clients to find a trusted importer match from the ICBC client base, and then support them with information on regulatory requirements and how to adequately prepare their products for export. Through ACEP, we aim to introduce at least one national product from each African country to China's list of approved export products.
Leveraging our strategic partnership with ICBC, we’ve partnered with trade agents Chenshia Group and Axis Group International, who have 20 years' experience in foreign trade services, a deep understanding of the African and Chinese trade and cultural landscape, and a solid track record in introducing new brands to the Chinese market.
Standard Bank, ICBC and UnionPay International, the wold’s largest card issuer, have partnered to facilitate seamless transacting for Africans travelling in China, and Chinese citizens travelling in Africa. ICBC’s I Go Global rewards scheme, which operates in partnership with UnionPay, offers ICBC’s 139 million credit card holders travelling abroad access to exclusive discounts on tours, shopping, restaurants and more. It aims to develop and promote China-Africa tourism, for both leisure and business travellers.
Standard Bank launched ICBC’s ‘I Go Global’ credit card reward schemes in Zambia and Tanzania in 2019, complementing existing I Go schemes in South Africa, Kenya and Ghana. The launch of I Go Zambia coincided with the launch of the Zambian government’s 2019 Zambia China Culture Year, which aims to boost Zambia’s profile as a preferred tourism destination in China.
Not only can Chinese tourists enjoy a host of benefits when visiting participating countries, but Stanbic card holders can also enjoy the same benefits in China. This includes being able to travel through participating countries without having to worry about exchanging currency.
Standard Bank’s South African account holders can access the UnionPay card from the bank’s Shyft app, enabling them to exchange pre-loaded rands into multiple currencies and load these onto a physical UnionPay card. Cardholders can fix their exchange rate before travelling, which eliminates rate fluctuation, and top-up when their funds run out. Transactions can be made virtually or physically, in South Africa and in China. The UnionPay card is accepted through most mobile payment apps.
As Africa’s relationship with China matures and deepens, the wider use of the renminbi across Africa offers opportunities to increase efficiency and reduce the risk and cost of intra-African and Africa-China trade. Standard Bank offers CNY capacity in all our subsidiaries in African countries. We provide short-term renminbi credit facilities, money market deposit and call accounts; we offer global markets trading products, CNY-denominated accounts, cash settlement transactions and notes for Chinese businesses; calibration of remittance flows; and on-the-ground expertise. We also offer a 24-hour regulatory-compliant and risk-managed foreign exchange service which includes the renminbi. This is supported by our Mandarin-speaking banking teams, together with our agreement with UnionPay International to host and support their electronic payments portal in Africa, and between Africa and China. Many African countries that experience regular dollar constraints have arranged renminbi swap links, allowing them to use renminbi to pay for imports from China. Renminbi swap links are resulting in more African central banks holding larger amounts of renminbi in reserve.
We employ Chinese-speaking customer-facing business banking professionals in 15 of our countries of operation. We operate an entirely Mandarin-speaking branch at Crown Mines in Johannesburg, which is dedicated to helping our Chinese customers with all their personal and business banking requirements. We have Africa-China Banking Centres (ACBC) in Johannesburg and Lagos staffed by Mandarinspeaking bankers and serving personal and business banking clients in South Africa and Nigeria. Consultation and advisory services are provided via telephone, online or email, and African and Chinese clients can link into China’s digital banking and customer knowledge systems. We are in the process of rolling out the ACBC in Ghana, Kenya, Mozambique and Uganda with other markets to follow in 2020.
Standard Bank’s TradeSuite solution provides end to end servicing of our clients’ trade finance requirements. It offers our clients a single point of contact for all their importation requirements, from order to delivery.
The service includes supplier tracking, liaising with logistics service providers, monitoring the goods while they’re in transit, and ensuring customs is cleared in good time. We also ensure that currency fluctuations are covered, in line with the company’s hedging strategy, and that all documentation required for payments and importation is available when needed. An all-in landed cost on each item is calculated on each order to help ensure that pricing is accurate. By helping to improve the reliability of the supply chain, the product also assists us in the lending process. Clients can also access the Trade Club, which comprises more than 15 000 trusted businesses from around the world ready to trade with African businesses. This has been achieved by leveraging the bank’s extensive African footprint, our strategic partnership with ICBC, and by helping to establish the International Trade Alliance. Using technology and AI, we can help our clients to access new international trade opportunities.
As part of TradeSuite, Standard Bank’s TradeCloud provides a cloud-hosted business-to-business import trade management platform that benefits corporates and SMEs. TradeCloud has developed a cost aggregation platform that costs an entire shipment of goods across the value chain, including logistics rates, customs duties, finance rates, insurance costs and so on. The solution is accessed as an intelligent integrated webbased platform for importers.
Standard Bank is working with Trade Alliance, an alliance of 16 banks around the world, to ease the process of connecting buyers and sellers in the pre-execution phase of trade finance.
We are also working to digitise the financial supply chain; and to digitise documents chains, including proof of concept tests using blockchain to digitise bills of lading, and letters of credit issued on a blockchain.
Our My Imports service provides an end to end import management solution using a digitised, modularised platform. Importers of international goods face multiple challenges in the importation process, including managing supplier delivery, tracking goods around the world, ensuring availability of adequate facilities, having adequate forex cover, and costing and managing all the individual providers that support a single transaction, including banks, clearers and forwarders. My Imports provides a transparent, affordable one-stop-shop, and frees up our clients to focus on growing their businesses.