Finance

Standard Chartered Bank starts 2019 with changes in the management of its African operations

Standard Chartered Bank starts 2019 with changes in the management of its African operations
Monday, 21 January 2019 16:35

Standard Chartered Bank, a financial group present in 17 African countries and whose leading shareholder is the Singaporean sovereign fund (with 15.6% shares), started 2019 with adjustments in its African operations.

Before the end of H1, 2019, it should have to finalize the sale of its private equity operations in the region and in other parts of the world, after a $1 billion agreement with Intermediate Capital Group (ICG).

In addition, Bola Adesola (photo), who was StandChart’s director for Nigeria and West Africa has become the vice-president of the group’s administrative board in charge of African operations. She will now represent Standard Chartered Bank in various administrations in Africa.

Lamine Majang will replace her in Nigeria and in West Africa. He is experienced in the management of regional banking clusters with many years at the head of activities in Kenya, East Africa, Oman, Uganda and In Sierra Leone.  

Kariuki Ngari becomes director of the Kenyan subsidiary. There is still the position of general director in East Africa which needs a manager.

These changes ensure a smooth succession which will allow us to continue our unrelenting focus on delivering our strategy and capturing opportunities across the region”, Sunil Kaushal, Regional CEO, Africa and the Middle East, Standard Chartered Bank, explained.

Let’s note that those two regions have recorded some setbacks in terms of financial performances, according to figures published by the bank. In the first nine months of 2018, their contribution to the group’s revenue was $1.9 billion while within the same period in 2017, it was $2.08 billion.

Idriss Linge

On the same topic
• CEMAC MFI Non-Performing Loans edge up 8.9 % to 178B CFA in 2024, regional review shows• BEAC study notes one member hosts 73.7 % of CEMAC’s...
• Equatorial Guinea’s economy will contract by 3.1% in 2025 after a modest 0.9% growth in 2024.• Afreximbank will raise $4.5 billion to fund the...
Legal appeals and calls for stability following leadership shake-up delay the Group’s listing on the Central African stock exchange. Highlights ●...
Cenntro has signed a deal with Moroccan firm Electricove to build an EV assembly plant. The factory will assemble models like the Teemak and LS450...
Most Read
01

The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...

10 African Fintech Unicorns and Upstarts Make World’s Top 300
02

By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...

Liberia, ECOWAS & World Bank collaborate on second West Africa submarine cable plan
03

As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...

Africa Faces 'Critical' Digital Skills Gap as Youth Population Booms, UN Warns
04

Non-bank institutional investors, though still a minority, are increasing their presence in the West...

Non-Bank Investors Gain Foothold in WAEMU Sovereign Debt Market
05

Highlights: • $20 billion in investment pledged by Chinese firms for agriculture, mining, auto...

Nigeria Secures $20 Billion in Chinese Investment to Drive Industrial Growth
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


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.