Standard Bank Group, Africa's biggest lender by assets, is actively pursuing growth opportunities in East Africa. According to CEO Sim Tshabalala, the bank is focusing on expanding its presence in Kenya and possibly entering Ethiopia. The bank, already operating in 19 African countries, sees East Africa as a critical growth region due to its rapid economic expansion and integration with global economies.
Despite political challenges in Kenya, Tshabalala remains optimistic about the country's economic trajectory, which is supported by fiscal and monetary policies and IMF backing.
In Ethiopia, Standard Bank is cautiously building relationships, anticipating future opportunities as the country opens its banking sector to foreign investment. The bank reported a 4% earnings growth for the first half of 2024, with a more robust performance in constant currency terms.
The bank is also looking to increase its stakes in businesses in Angola and Nigeria. According to a presidential decree, the Angolan government is planning to sell as much as a 34% stake in Standard Bank de Angola SA through an initial public offering.
"We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well," CEO Sim Tshabalala said.
"In Nigeria, we again want to increase our shareholding in the business. It's a great business," he added.
