(Absa may be the most innovative bank in South Africa, but they sure aren't the cheapest. Click here to find out which one is and here to learn which bank accounts are the most highly rated by account holders.)

Absa has been recognised as the 'Most Innovative Bank in Africa' at the African Banker Awards 2009 in Istanbul, Turkey, the bank said on Wednesday.

Absa's Tanzanian subsidiary, the National Bank of Commerce (NBC), had also been honoured as the 'Best Local Bank in Africa'.

The award was organised by IC Publications, publishers of the African Banker magazine and was held at the World Bank/International Monetary Fund annual meetings.

"We are very proud of this achievement and in particular the fact that we have been recognised in the context of other players on the continent," said Maria Ramos, Absa group chief executive, in a statement.

Absa was the only South African financial institution among the six finalists in the innovation category.

"Service delivery and impact on national stakeholders were two key aspects which were considered in the judging of this award," said Ramos.

"I am proud that NBC has proven itself as a driving force in meeting customers' needs and adhering to world-class practices."

Absa was recognised for its string of successive innovations undertaken over the past 12 months.

"This is a significant accomplishment for Absa, particularly in a global environment where innovation is playing a central role in tailoring financial services around the diverse needs of customers.

"At Absa we have also implemented innovative solutions to make banking possible for previously un-banked South Africans," she said.

Ramos said Absa's ambition was to become a Top 10 Globally Innovative Bank by exploring creative business solutions, instilling a culture of innovative thinking across the group, promoting sustainable profits and building a competitive advantage.

Sapa

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