JOHANNESBURG, Aug 15 Standard Bank, Africa’s largest lender by assets, is aiming to increase its stakes in Angola and Nigeria, according to CEO Sim Tshabalala.
Thank you for reading this post, don't forget to subscribe!In Angola, the government plans to sell up to a 34% stake in Standard Bank de Angola SA through an initial public offering. This follows the government’s seizure of a 49% stake previously held by a former insurance tycoon now serving a nine-year prison sentence.
Standard Bank, based in South Africa, currently owns the remaining 51% of Standard Bank de Angola and has the option to acquire an additional 24% of the Angolan business.
Tshabalala expressed the bank’s intention to increase its shareholding if conditions are favorable, stating, “We are putting our best foot forward and would increase our shareholding if all goes well.”
In Nigeria, Standard Bank is also looking to expand its investment, although specific details on the size of the increase were not disclosed. The bank holds a 67.55% stake in Stanbic IBTC.
With operations in 20 African countries, Standard Bank aims to capitalize on growth opportunities presented by energy transition projects across the continent, including in East Africa.
