Finance

S.A’s Standard Bank eyes higher share in Angolan branch

S.A’s Standard Bank eyes higher share in Angolan branch
Tuesday, 16 February 2021 11:22

Financial group, Standard Bank which owns 51% of the capital of its Angolan subsidiary, plans to increase its share in the company. The South African group wants to acquire the share of Angolan businessman, Carlos São Vicente who has been deprived of its assets (49% interest in Standard Bank Angola) in a fraud affair.

Over the last two years, we have increased our stake in our subsidiaries in Kenya and Nigeria. If the opportunity arises in Angola as well, we will do so. Standard Bank will continue to look for more business in sub-Saharan Africa, where the International Monetary Fund is forecasting economic growth of 3.2% this year,” said Sola David-Borha (pictured), CEO of Africa Regions at the Standard Bank Group.

In 2018, Standard Bank carried out a double operation to increase its stake in its Nigerian and Kenyan subsidiaries. Stanbic Africa Holdings Limited (SAHL), a 100%-owned subsidiary of Standard Bank Group, increased its stake in Stanbic IBTC Holdings Nigeria by 12%. The Bank's shares thus increased from 53% to 65%. In Kenya, SAHL increased its stake in the local subsidiary by 9%. Its shares increased from 60% to 69%.

By choosing to strengthen its stake in its Angolan subsidiary, Standard Bank is targeting a country that is ranked among the six African states (Angola, Ghana, Kenya, Mozambique, Nigeria, and Uganda) that have contributed to strengthening its overall earnings in the first half of 2019.

Chamberline Moko

On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.