Johannesburg – Africa’s largest lender, Standard Bank, is poised to deepen its footprint in Nigeria and Angola. The bank’s CEO, Sim Tshabalala, announced on Thursday that the financial institution is keen on increasing its stake in both markets.
In Angola, the government is preparing to offload up to a 34% stake in Standard Bank de Angola SA through an initial public offering (IPO). This comes after authorities seized a 49% holding previously controlled by an imprisoned insurance tycoon. Standard Bank currently owns 51% of the Angolan unit and has the option to acquire an additional 24%.
Tshabalala expressed the bank’s interest in capitalizing on this opportunity, stating, “We are putting our best foot forward and would increase our shareholding if all goes well.”
Nigeria is also on Standard Bank’s expansion radar. The bank already holds a 67.55% stake in Stanbic IBTC and is seeking to further increase its ownership.
