StanChart to invest USD 100mn to grow in Africa next year.

By bne IntelliNews December 20, 2012
Britains Standard Chartered Bank (StanChart) plans to invest about USD 100mn in Africa next year to support the expansion of its operations throughout the high-growth markets on the continent, Times of Zambia reported. "As an indication of our confidence in Zambia and the countries in Africa, we are significantly accelerating our investment into the continent to USD 100mn over the next financial year to support our ambitious aspirations for the business," Times of Zambia quoted Michael Mundashi, board chairman of Stanchart Bank Zambia, as saying. StanChart, which has almost 180 branches across 15 African countries, recorded a USD 1.34bn profit in Africa in 2011, accounting for 8% of the banking groups total earnings. The British bank said in October it plans to invest over USD 100mn to open 110 new branches in Kenya, Ghana, Nigeria and five other core African markets over the next three years. Africas banking sector is an attractive growth market, as a huge number of the continents population still has no access to banking services.

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