Standard Bank Africa
To Expand Operations In Nigeria
Standard
Bank says it plans to further explore growth opportunities in
Nigeria’s banking sector through select acquisitions and has
indicated interest in the next round of consolidation in the
sector.
Mr. Clive Tasker, Chief Executive, Standard Bank Africa, said in
Johannesburg on Friday that the bank was committed to
facilitating faster development of its Nigerian business with
added market shares.
Tasker said that Nigeria remained a core market for the Standard
Bank group, with its current operations under the name, Stanbic
Bank IBTC PLC Nigeria.
’’Standard Bank sees further growth opportunities in Nigeria,
both organically on the back of a well-established local
business, which is fully integrated into the rest of our
network, as well as through select acquisitions that can
facilitate faster development of our Nigerian business,” he
said.
Consolidating gains
He said the bank also looked at, ’’acquisitions which could
add market share and scale in select products, infrastructure
and business units…In line with this, we have registered our
interest to participate in the next round of consolidation in
the Nigerian banking market.”
Tasker’s comment comes as First Rand, another South African
Bank, also announced it had indicated interest in participating
in the Central Bank of Nigeria’s process of consolidating its
banking industry.
’’Entering this process does not mean that First Rand is
doing or is about to do a specific transaction with specific
Nigerian bank, in line with the Group’s strategy we would be
interested in all key segments of banking – namely corporate,
investment and retail banking,” First Rand’s Head of
Investor Relations, Sam Moss, said.
NAN/Yinka
