Stanbic Bank expands into South Sudan
Johannesburg - CfC Stanbic Bank‚ a member bank of Standard Bank Group‚ on Tuesday officially cemented its footprint in the Republic of South Sudan with the opening of its first branch in Juba‚ in a move aimed at supporting the country’s economic pillars.
The entry into the South Sudan market comes amid plans by CfC Stanbic Bank to raise additional capital through a rights issue to fund its growth strategy.
CfC Stanbic Bank’s presence in Juba marks a milestone in the Standard Bank Group’s involvement in South Sudan through the provision of relevant banking and finance services to the country.
CfC Stanbic Bank‘s managing director Greg Brackenridge said at the opening: "We have a strong and long relationship with the people of South Sudan and its government, and see our branch opening in South Sudan as a vote of confidence in the country’s future.”
Speaking at the launch‚ the CEO for Standard Bank Africa‚ Chris Newson‚ said that South Sudan’s natural resource potential was expected to drive strong growth and attract investments in the energy sector‚ infrastructure development and agriculture.
“Our entry into South Sudan is in line with our strategic plan to diversify into other markets in the region and further provides proof of our leadership position as the largest financial services organisation in Africa.”
South Sudan President Salva Kiir‚ who attended the opening‚ said the decision by CfC Stanbic Bank to invest in South Sudan was timely and would help develop the banking and financial services sector in the country.
He added that “as a government‚ we will continue to showcase the country’s natural resource potential, which is attracting tremendous interest from investors from all over the world who are looking at the region as an emerging investment destination.
"The entry of CfC Stanbic Bank will greatly enhance the financial services offering available to the people of South Sudan.”
The bank will offer the entire suite of services available in conventional banking while establishing relationships with the individuals‚ corporations‚ businesses and investors in South Sudan.
Africa’s biggest banking group in terms of assets‚ South African group Standard Bank operates in 18 countries on the African continent as well as in other selected emerging markets.
It is 20% owned by Industrial and Commercial Bank of China‚ the world’s biggest bank in terms of assets.