Stanbic Bank Botswana has been appointment as custodian of the Debswana Pension Fund (DPF) in Botswana, the second largest private pension fund in that market.
Stanbic Bank Botswana was awarded the deal following a rigorous selection process. Its bid came about through close collaboration between the South African and Botswana-based investor services teams.
Being awarded the contract is evidence of Standard Bank Group's leadership in the pension fund segment in sub-Saharan Africa, says Mark Kerns, head of Stanbic Bank Botswana's investor services.
The DPF has assets under management of R3 billion, representing significant growth in the assets under custody for Stanbic Bank Botswana investor services. Stanbic Bank Botswana will be responsible for safeguarding the assets of the fund and for providing settlement and other related services.
"The demonstration of our operational levels of control, our full product capability and our value proposition as a custodian all played a significant role in the appointment [by the Debswana Pension Fund]," says Mr Kerns.
"We are delighted and look forward to deepening the existing relationship".