Magazine article New African

Swaziland: Indigenous Bank Comes out Tops; in a Survey Pitting the Giants of Global Banking against the Little Ones, SwaziBank, the Indigenous Commercial Bank of Swaziland, Has Beaten All Its Peers for Providing Excellence. Thandi Gumede Reports from Mbabane

Magazine article New African

Swaziland: Indigenous Bank Comes out Tops; in a Survey Pitting the Giants of Global Banking against the Little Ones, SwaziBank, the Indigenous Commercial Bank of Swaziland, Has Beaten All Its Peers for Providing Excellence. Thandi Gumede Reports from Mbabane

Article excerpt

It was a proud moment for Swazibank, the indigenous commercial bank of Swaziland, when it was voted the best development agency and the second best bank in the country. Other banks operating in the country are South African-based giants like Standard Bank, First National Bank and Nedbank which are primarily white institutions with majority shareholdings from Europe and America.

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The award was bestowed by Professional Management Review (PMR.AFRICA), a highly reputable South African journal founded in January 1990.

The journal, South Africa's research-based leading monthly and website, conducted a country survey on Swaziland during July/August 2007. Based on this survey, SwaziBank was given the Silver Arrow Awards under two categories: development agencies in Swaziland and banks in Swaziland.

The criteria used included institutions that had done most to enhance economic growth and development of the country, management as well as corporate governance. In its 46th year, the bank has also distinguished itself, winning the Euro Money 2005 award for excellence. Originally known as the Swaziland Development and Savings Bank, the institution was relaunched in November 2001 under the name of SwaziBank.

The bank followed up its prestigious gong with another: Gender Award. This time given in Washington DC awarded by the African Banker, a sister magazine of New African.

Some other achievements include the introduction of its own automatic teller machines (ATMs) called Nomanini which means "anytime" in siSwati. The bank has a section that administers special funds for development business, housing and agricultural financing.

In further celebration of excellence, the bank has not only hit the [euro]1bn (one billion rands) mark in its assets value this year, but also made an operating profit of E17.4m, which was a 142. …

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