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 | Standard Bank wins KwaZulu-Natal Provincial Government account |  |  |
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14 November 2004
Standard Bank has been awarded the contract to be the banking services provider to the KwaZulu-Natal Provincial Government. This is the product of a comprehensive five-month tender process in which South Africa's leading banks participated.
Says Ben Kruger, Corporate and Investment Banking Managing Director at Standard Bank: "We are pleased to have been awarded this banking services contract as we have always had close ties with KwaZulu-Natal. We are looking forward to working with the provincial government on key projects that will contribute substantially to the economic and social development of KwaZulu-Natal."
Dipak Patel, Director of Structured Debt Finance and Public Sector Banking, says: "We consider the award by KwaZulu Natal to be a very important step in building a sustainable relationship with the Province and its people.
We intend to provide an efficient and cost-effective financial and banking service to the Provincial Government. In addition, Standard Bank will partner with the Provincial Government in the process of finding solutions to the development challenges KZN face."
The new contract will cover all aspects of banking services for the provincial government.
Apart from Standard Bank's strengths across a wide range of banking products and services, including its electronic banking platform, a key innovative feature of Standard Bank's proposal was its proposal, based on a joint exploration of the commercial viability of several growth projects, to investigate the formation of a mezzanine Infrastructure Fund. This fund will consider investing in economic infrastructure and growth projects in the Province.
The Provincial Government and Standard Bank have also agreed to find solutions to the challenge of SMME financing through a partnership that seeks to pool resources to mitigate risk and facilitate development.
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