(Ecofin Agency) - During the official inauguration of its subsidiary in Côte d’Ivoire yesterday April 9, the South African banking group Standard Bank announced that it was planning to submit a license request in Senegal in the framework of its expansion strategy in the West African French-speaking countries.

“Standard Bank sees Ivory Coast as an entry point for Francophone West Africa and will target to have all the necessary permits for Senegal in 12 to 18 months,” said Sola David-Borha, the company’s chief executive officer for Africa.

Sim Tshabalala, the bank’s CEO, said: “francophone West Africa is increasingly becoming important as a sector of growth on the African continent. We’re going to follow our clients. It’s mainly going to be driven by our clients’ needs and demands”.

This new subsidiary-Stanbic Bank Côte d’Ivoire- will focus on Corporate and Investment Banking. “Our strategy is focused on sectors driving Africa’s growth. We will continue to utilize our presence and deep knowledge of the African markets to support our clients’ growth aspirations across the continent and link them to global trade corridors and key financial centers,” said Kenny Fihla, Standard Bank’s Chief Executive for Corporate and Investment Banking.

According to Fihla, the group has first selected Côte d’Ivoire because “the country which is one of the fastest-growing economies […] is positioned as a hub within WAEMU”.

Bloomberg indicated that, back in 2016, the group’s African subsidiaries accounted for 28% of revenues. Let’s recall that Standard Bank group is active in 20 African countries and is also aiming to expand to Ethiopia as soon as the Ethiopian banking sector is opened to foreign investors.