Standard Bank targets to boost contribution of African business to 25%.

By bne IntelliNews November 2, 2012
South Africa-based Standard Bank, Africas largest banks by earnings and revenue, plans to boost the contribution of its non-domestic African operations to earnings and revenue from about 10% at present to 25% in five years, BDay Live reported, quoting Ben Kruger, deputy group CEO at Standard Bank. The Standard Bank group, which operates in 18 countries on the continent, has about 9 million customers in South Africa, but only about 3 million in the rest of Africa. The bank wants to grow the number of its African clients and will try to achieve that through the opening of new branches. In Nigeria, Africas most populous country, where Standard Banks subsidiary Stanbic IBTC Bank has 176 branches, it plans to open about 30 to 50 new branches annually until their number reaches about 300. In Angola, Standard Bank expects to have 20 branches by the end of this year, up from seven in July.

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