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24 March 2003
Standard Bank has scooped another lucrative account to become the sole bankers to the Northern Cape Provincial Government.
The contract runs from April 2003 to March 2006.
The bank has recently won a number of important accounts including the Polokwane Municipal account, a three-year agreement which commenced from January 2003 until December 2005.
In addition to gaining these accounts, Standard Bank has been appointed the sole banker to the Municipal Employees Pension Fund (MEPF). The fund has a membership of 5 000 pensioners and 13 646 active members drawn from 120 local authorities from all nine provinces.
These accounts will be reviewed after the initial agreement period.
Says Stewart Lumka, Director of Public Sector Banking at Standard Bank: "We are delighted to be awarded this important account. We view this mandate as more than just a business transaction, but rather, as an opportunity to develop mutually beneficial public-private sector partnerships.
"Our strategy is to remain a responsible corporate citizen and contribute to the socio-economic development of the communities we do business in. Our association with the Northern Cape government will afford us an opportunity to contribute to that area’s growth. We’re continually strengthening our ties with all tiers of government because we strongly believe that our country's growth and success will be a result of such public-private partnerships."
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