Standard Bank picks up Eastern Province at its roots

“Our track record in the province spans a century and a half of the province’s developmental history beginning with the bank’s establishment in Port Elizabeth 150 years ago,”  says Standard Bank Director of Public Sector Banking, Bongi Kunene.

She adds that the bank has current relationships with major municipalities and some of its biggest educational institutions, including Nelson Mandela Metropolitan University and the University of Fort Hare.

The Eastern Cape’s current provincial annual budget is R55 billion. Standard Bank already banks the province’s two largest metropolitan municipalities, Nelson Mandela Bay and Buffalo City, as well as the Amathole District Municipality.

“The Eastern Cape provincial government gains the advantage of our deep understanding of the province’s needs,” Kunene maintains. “Together with this, the structuring of our dedicated public sector division ensures we are able to provide ‘just in time’ solutions that enhance their own service delivery capabilities.”

Standard Bank’s public service division combines a range of practitioner skills from the full spectrum of local, provincial, and national government, education, healthcare, and state enterprises – in South Africa and other countries. “Together with traditional banking skills, our team includes specialised public sector practitioners who have experience in government finances and a thorough understanding of government processes and requirements,” Kunene says.

Involvement in the province ranges from funding the roll-out of 110 000 solar water heaters to low cost houses in Port Elizabeth, to helping the East London Industrial Development Zone (ELIDZ) attract businesses to the area, and providing education and leadership training to emerging farmers together with Fort Hare.

“In addition, we are in discussions with national government about how best to trigger economic and enterprise development and are able to extend these initiatives and concepts to our provincial government clients,” Kunene says.  “We see banking as more than transactional capability; it’s also about harnessing all capabilities to improve the quality of life for society as a whole.”

Standard Bank’s efficiencies, plus its financial and technological platform enables the bank to offer the province a price suitable to a public sector pocket – without compromising on the range or quality of services required, Kunene says. “‘Business as usual’ for Standard Bank benefits the province at a cost and operational level.”