Standard Bank Group was announced the winner of “The New Economy” magazine’s award for Most Sustainable Bank (South Africa) during the World Economic Forum meeting in Davos, Switzerland, at the end of January.

The awards demonstrate that the business case for sustainable banking remains strong, despite the current economic environment. The New Economy magazine says “sustainable banking should not be confused with charity but acknowledged as doing serious business whilst offering win-win solutions”.

The New Economy's 2009 Sustainable Banking Awards recognise responsible leadership in sustainable finance and development; they are to reward banks and investment and asset management companies with a proven track record for operating with principle and integrity in sustainability and social responsibility.

The magazine states the criteria for selecting award winners is related to:
· Positive media coverage surrounding sustainable business practice at home and overseas;
· The effective management of environmental and social risks;
· Range of sustainable products and integration of products;
· Socially responsible welfare within the workplace; and
· Level of agreements in place aimed at sustainability, socioeconomic progress and impact.

While the award is for Standard Bank in South Africa, its international operations were also taken into account.