Financial Data
Updated 29 Feb 2020

Enabling local and regional economic transformation

As Africa’s biggest business bank, Standard Bank is placing key emphasis on working with more and more local and regional suppliers in South Africa.

05 June 2018  Share  0 comments  Print

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Standard Bank boosted its procurement expenditure in North West by 67% to R84 million in 2017 as part of its strategy to increase support of local and regional suppliers. It is a clear demonstration of the bank’s ongoing commitment to socio-economic transformation in South Africa.

Africa’s biggest lender is utilising its supply chain to boost transformation with more than 83% of its South African procurement spend now with B-BBEE compliant companies – over 23% of which is with black-owned companies and 15% with black women-owned companies.

Standard Bank’s efforts to boost local sourcing in North West has seen the number of small and micro enterprises, companies earning less than R50 million per annum, supplying the bank’s operations in the province increase from R2.6 million in 2016 to R15.3 million in 2017.

Related: Unlocking local and regional economic transformation in SA

“We are very proud of our efforts to boost procurement of local and original content in North West, which forms part of a broader strategy to drive economic transformation across all regions of South Africa,” says Kholofelo Shaai, Head: Supplier Development at Standard Bank.

“Implementing this strategy across the supply chain of an organisation the size of Standard Bank is certainly no easy task but we have made significant progress at both the local and regional level,” she adds.

“In North West we’ve focussed on sourcing a lot of the commodities used in our branch network in the province from local suppliers,” Shaai explains. “This ranges from debt collection and valuation to maintenance, security, renovations, IT and cleaning services amongst others.”

“Transforming South Africa’s economy to one that is more inclusive is an imperative for us at Standard Bank. The success of our regional efforts such as those in North West and other provinces are critical to us achieving our overall transformational objectives.”–  Kholofelo Shaai, Head: Supplier Development at Standard Bank

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