Standard Bank aims for growth in Africa
Standard Bank is working on growing its personal and business banking division in the rest of Africa to just more than a R1bn in the next three years.
This means over this period, Standard Bank’s personal banking division will turn profitable, although business banking is expected to be the biggest earnings contributor in the rest-of-Africa in the personal and business banking division.
Last year, Standard Bank’s personal and business banking division in the rest of Africa posted headline earnings of R105m. Kenya, Mozambique and Zambia were profitable for the first time. This is a major step forward as 2013 declared major losses.
This turn around was largely driven by the performance of the business banking operation.
Zweli Manyathi, the CEO of its personal and business banking in the rest of Africa said they expect to see headline earnings in excess of R1bn in three years’ time. In terms of investing for growth, he said Standard Bank had sunk billions of rand into its rest-of-Africa personal and business banking operations.
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