Mbombela - Standard Bank has won a bid for a five-year contract to manage the Mpumalanga government's bank account.
Provincial finance department spokesman Jonas Letshela said the banking institution would take over government's corporate banking service from First National Bank (FNB) with effect from July 1.
"The bids were advertised last year. Following a rigorous evaluation process of all bids, Standard Bank of South Africa emerged as the winning bidder and a five-year contract was subsequently awarded in this regard," said Letshela.
Department MEC Pinky Phosa thanked all banks that submitted bids for the provincial account for their sincerity and dedication throughout the tendering process.
"The presentations made during the bidding process indicate the extent to which the banking sector can contribute to the ideal of a better life for all and thereby enhance the concept of private-public partnerships," she said.
Phosa said the bids demonstrated that banking institutions in South Africa were forward-looking and that the country could expect greater returns.
"The economic vision of the province can be realised when the proposals are taken to the next level of delivery," said Phosa.
Phosa thanked FNB management and staff for their support throughout the transitional period that followed the awarding of the account to Standard Bank.
"The winning bid brings a nationwide public sector business team whose goal is to align the specialist skills of corporate and investment banking with personal and business banking, bringing together a customer value proposition that meets the needs of the public finance environment," said Phosa.
