Stanbic receives Côte d’Ivoire banking licence
Standard Bank, trading as Stanbic Bank, has been awarded a banking licence in Côte d’Ivoire.
The group opened a representative office in the country in December 2013, signaling a drive towards establishing a presence in Francophone West Africa.
It is now gearing up to start banking operations in a market that stands out for its diverse, rapidly growing economy and business-friendly reputation.
The country has one of sub-Saharan Africa’s fastest gross domestic product growth rates and expects to maintain growth of 7% or more over the next three years.
“We are delighted to be actively expanding into this attractive market alongside many of our existing multinational corporate clients and look forward to partnering with them and other players, as well as supporting enterprises considering entering Côte d’Ivoire and the wider region for the first time,” said Stanbic Bank CEO Hervé Boyer.
The mostly French speaking West African Economic and Monetary Union (UEMOA) region was identified as a key growth opportunity and strategic fit for the group, which has committed to playing a role in driving Africa’s growth.
“With the addition of Côte d’Ivoire to our portfolio, we will be able to meet our clients' banking needs in one of the continent’s most exciting growth regions,” said Stanbic head of corporate and investment banking for Africa Victor Williams.
UEMOA as a whole is regarded as having substantial business advantages stemming from its stable single currency, shared central bank and stock exchange, as well as its increasingly harmonised business legal structures and burgeoning population.
According to Stanbic, Côte d’Ivoire is ideally positioned as a hub for the region which also includes Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal and Togo.
The key drivers behind Côte d’Ivoire’s well-diversified economic growth are public investment-led initiatives in power and infrastructure in conjunction with successful public–private partnerships, natural resources, agriculture, telecommunications and the country’s consumer market – all linked to core sectors of activity for Standard Bank.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation