Standard Bank Considers West Africa Expansion

The CEO of Standard Bank Sim Tshabalala has marked out West Africa as a potential area for the bank’s expansion plans. 

As he presented the bank’s half-year results he highlighted the opportunity that exists in countries in the West African Economic and Monetary Union, also stating, “We’re also saying that we’re quite comfortable to contemplate appropriately priced acquisitions to the extent that they might fit with our risk appetite.”

Tshabalala did not provide a time frame for expansion. However, recent results suggest that the bank’s operations elsewhere on the continent have helped it survive and even grow profits despite difficult economic conditions its key market of South Africa.

Standard Bank is Africa’s largest bank by assets. Results for the first-half of 2019 show an increase of earnings per share from 794 US cents last year to 837.4.