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Euromoney names Zanaco best bank in Zambia

ZANACO bank was last week declared the best bank in Zambia at the 2018 Euromoney awards for excellence in London.
And the bank’s managing director Henk Mulder says the recognition is proof to the strong management, sound business model and strategy the bank has implemented over the last one year.

Briefing journalists at his office in Lusaka yesterday, Mulder explained that the recognition was linked to Zanaco’s 19 per cent increase in deposits, a 15 per cent per cent increase in net interest income and a 19 per cent improvement in total operating income.

Mulder noted that Zanaco had continued to deliver on its medium-term plan to establish itself as the leading transactional and digital bank in Zambia by 2020.

“Last week [on Wednesday] we were in London with Euromoney and Euromoney is quite a respected organisation and gives international awards to banks globally. They (Euro Money) have a yearly event in London, which is attended by around 600 people. The awards were given and we are very proud that as Zanaco we got the recognition as the best Zambian bank in 2018. Let me be very clear; this is not a kind of an award that you buy because it’s something that’s independently judged by Euromoney itself. It is an award that Standard Chartered got last year but now Zanaco. Zanaco is the best bank, thanks to a 19 per cent increase in deposits last year, 2017; 15 per cent increase in net interest income and 19 per cent increase in operating income,” Mulder noted.

“This award – the world’s longest running international banking award – is testament to the strong management, sound business model and strategy the bank has implemented over the last one year.”

He added that Zanaco was also shaking up its business, drastically reducing its cost-to-income ratio from 88 per cent in 2016 to 70 per cent in 2017, “although it is still high by international standards.”

Mulder pointed out also that the bank successfully launched the Zanaco Mobile Application using its “ground-breaking” Xapit platform, which was refreshed and strengthened.

“This highlights the bank’s commitment to investing in technology to enhance service delivery and enable greater financial inclusion,” according to Euromoney Magazine.

The aim of Euromoney’s awards for excellence is to reward banks that can demonstrate an ability to deliver the different parts of their firms to meet clients’ needs and adapt to market and regulatory conditions.

The Euromoney Awards for Excellence, now in their 27th year, were the first of their kind in the global financial publishing industry.

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