Zenith Bank hits zenith

… At 2008 Ghana Banking Awards

Zenith Bank Ghana Limited pulled a surprise last Saturday at the 8th Ghana Banking Awards when they won the most prestigious position at the event, the Bank of the Year.

“We expected to win a number of awards, but to be adjudged the overall best is really a surprise”, an elated Daniel Asiedu, Chief Operating Officer (COO)of the bank told the Financial Intelligence in an interview.

To him, it is a sweet reward for their hard work and dedication, saying that good customer care has been at the centre of all they do at Zenith.

Zenith Bank also emerged best bank in the Financial Performance Category. The bank in addition took home first runner up prizes for Short-Term Loan Financing, and as the Best Growing Bank. It also won the third position in Retail Banking category.

Delivering the keynote address for the event, Governor of the Bank of Ghana, Paul Acquah underscored the importance of a stable and vibrant financial system as a prerequisite for economic growth.

“I believe that as stakeholders, we can in our diverse ways, play an immeasurable role in ensuring that our financial system is safe and secure”, Dr. Acquah stated, calling on the banking industry to recommit itself to the tenets of an unwritten code that are essential to maintaining confidence and trust of the public.

He urged all stakeholders in the financial service industry to practice prudential lending which calls on banks to be innovative without excessive risks out of proportion to their risk-adjusted capital.

“The second is prudential borrowing and respect for loan contracts with serious commitment to honouring debt obligations whether household or corporate borrowers”, he stated, adding that the system also requires effective prudential supervision of the system within the framework of predictable transparent regulations and also maintaining an environment of macroeconomic stability as well as a well-anchored inflation expectations.

Dr. Acquah cautioned that the uncertainties about the depth and duration of the global melt-down and the restoration of global financial stability underscores the power of confidence and its mutually re-enforcing impact on expectations in changing economic behaviour.

“Managing the repercussions of the global crisis to stay on a sustained growth path is the task of macroeconomic and financial policies, and enhancing confidence in our financial system”, the Governor noted.

CAL Bank on the night swept the most awards, receiving as many as seven awards out of the 15 categories that were mentioned. The bank was rewarded as Best Bank in Medium Term Loan Financing, Product Innovation, and Retail Banking. CAL Bank also emerged first runner up in IT and Electronic Banking and won second runner up positions in Advisory Services, Long-term Loan Financing, and Corporate Banking. So captivating was this feat that many present mentioned CAL ahead of the announcement for the eventual winner.

Another bank that pulled a lot of surprises at the awards night was First Atlantic Merchant Bank that won five awards in all. The bank was first in Trade Financing and Corporate Banking. First Atlantic Merchant bank was first runner up in Advisory service and Long-Term loan Financing. It also won third position in Customer Care.

Among other winners, UBA was adjudged best bank in Customer care, International Commercial Bank was best in Advisory Service, and Merchant Bank Ghana Limited came first in the Short-term Loan Financing category.

TTB was selected as best bank in Long Term Loan Financing whilst Amalgamated Bank got the nod as best in IT and Electronic Banking.

The award for Best Bank in Competitive Pricing for Ghana Commercial Bank sparked the only controversy on the night when many present expressed dismay at the choice. A cross section of the audience made comments on the winner for the category, arguing that the bank even charged for any online transaction done outside one’s own branch, but organizers of the event, Corporate Initiative Ghana, told this reporter that there was more to the category than just bank charges.

Standard Chartered Bank was awarded as the Best Bank in Corporate Social Responsibility. The Best Growing Bank award went to Intercontinental Bank Ghana Limited.

As in the previous award ceremony, there was no winner for the Best Bank in Export Financing category as organizers claimed no bank met the minimum mark required.