Standard Bank, one of Africa’s leading financial institutions, is making strategic moves to deepen its investments in Nigeria and Angola, according to CEO Sim Tshabalala.
The bank aims to increase its stakes in these key African markets, reinforcing its commitment to growth and expansion on the continent.
In a recent interview with Reuters, Tshabalala revealed the bank’s intentions to boost its shareholding in its Nigerian operations.
“In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” Tshabalala stated, highlighting the bank’s confidence in the long-term potential of the Nigerian market.
In Angola, Standard Bank is positioning itself to take advantage of a significant opportunity. The Angolan government is set to sell up to a 34% stake in Standard Bank de Angola SA through an initial public offering (IPO).
This follows the government’s seizure of a 49% stake previously controlled by a former insurance tycoon, who is currently serving a nine-year prison sentence.
Standard Bank Group, which already owns a 51% stake in the Angolan subsidiary, has the option to acquire an additional 24% stake during the IPO.
“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” Tshabalala noted, expressing optimism about the bank’s chances of securing a larger stake in the Angolan business.
Standard Bank, headquartered in South Africa, operates in 20 African countries and is actively seeking to capitalize on emerging growth opportunities across the continent.
The bank is particularly focused on the potential unlocked by energy transition projects in key regions, including East Africa. By expanding its investments in Nigeria and Angola, Standard Bank aims to solidify its presence in these dynamic markets and enhance its role as a leading financial services provider in Africa.
This strategic move underscores Standard Bank’s broader vision of leveraging its regional expertise to drive sustainable growth and create long-term value for its shareholders across the continent.
As the bank navigates the complexities of the African business landscape, its commitment to deepening its investments in Nigeria and Angola is a clear signal of its confidence in the future of these key markets.
