Standard Bank reaches milestones in Africa

The Nigerian town of Ajao Estate in Osolo opened the doors of Standard Bank Group's 500th branch in Africa, following recent openings in the Zambian border town of Lumwana and the launch of upgraded facilities in Maputo, Mozambique.

Stanbic Bank Uganda signed up the 2.5 millionth customer at the country's flagship Forrest Mall branch in Kampala.

Head of Personal and Business Banking in Standard Bank Group's Africa operations, Terry Moodley, says reaching these milestones and the remarkable growth in the bank's continental footprint is tangible evidence of its continued commitment to Africa.

"For those serious about taking advantage of the growth opportunities in Africa, there can be no substitute for proper on-the-ground presence in the key markets. Standard Bank has been investing steadily in its African footprint for the best part of 20 years. This experience has provided many lessons that continue to help us understand how best to continue growing in Africa," says Moodley.

In August this year, Standard Bank signalled its intent to grow its position in Africa and that the group will use part of the $750-million it expects from the sales of stakes in its Argentinean subsidiary Standard Bank Argentina and Troika Dialog in Russia to focus on its franchises in Africa.

"We will continue to build first-class, on-the-ground banking franchises in chosen markets in Africa, investing in people, branch networks and systems. We are confident that future revenue flows will justify these investments in branch and customer infrastructure." continued Moodley.