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.