Maravi

Standard Bank focuses on Africa

Standard Bank focuses on Africa
Written by Joan Chirwa in Johannesburg
Saturday, July 18, 2009 9:26:05 PM

STANDARD Bank Group chief executive Jacko Maree on Thursday said the bank has focused on growing its businesses in Africa in a proactive and vigorous way while managing risks and costs.

Briefing a group of visiting African journalists at Standard Bank headquarters, Maree said the bank was also focusing on building robust operations in other selected emerging markets across the globe.

Standard Bank, which trades as Stanbic in Zambia, recently partnered with the Industrial and Commercial Bank of china (ICBC), the world's largest bank, through its acquisition of 20 per cent shareholding in the former.

It also plans to open up branches in Angola once authorisation is granted by the Angolan government.

"Standard Bank has a successful track record in growing businesses organically in new markets and geographies as well as proven experience in making and integrating acquisitions in foreign markets," Maree said. "Our strategic partnership with ICBC provides us with a strong partner from a future superpower economy, with a keen desire to participate in the next phase of development on the African continent...We are a financially secure organisation with a strong capital and liquidity position. We have a clear vision and strategy for the group and a set of values that guide us. We have a strong brand in South Africa and our reputation on the continent and in other key emerging markets is growing."

He said Standard Bank's key objective was to become a leading emerging markets financial services organisation.

"Our focus is firmly fixed on being a full-service financial services player in our home market and using this experience to build strong operations in chosen markets in Africa, and in other emerging markets, particularly those with links to Africa. This is evidenced through Standard Bank's recent acquisitions in Nigeria, Kenya, Argentina and Turkey, and more recently a transaction in Russia, which is still subject to regulatory approvals," said Maree.

Meanwhile, Standard Bank yesterday launched its first integrated global and in-country advertising campaign to support the group's growth in emerging markets.

Labels: JACKO MAREE, STANCHART

posted by MrK @ 8:26 PM