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
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Nigeria, Nestlé sign MoU for dairy training center in Abuja Center to train farmers in breeding, ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
Growth driven by private investment and stronger external inflows Primary surplus and tax revenues show marked improvement IMF lowers 2026...
Uganda appoints Citibank to arrange $3.19 billion railway financing Project links Kampala to Kenya border, boosting regional trade...
Cellcom Guinea workers protest layoffs, unpaid salaries, unmet commitments Union demands audit, warns of possible administration or...
Diamond downturn pushes Botswana to accelerate diversification New partnerships with Oman, Qatar, and France target untapped resources Large...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...
MASA 2026 gathers artists and industry professionals from over 28 countries in Abidjan. The event features 99 performances across market and...