All data is delayed
See More

Standard Bank to expand in Angola

Apr 08 2011 15:03

Company Data


Last traded 145
Change 3
% Change 2
Cumulative volume 7136469
Market cap 0

Last Updated: 07-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 179
Change 1
% Change 1
Cumulative volume 1773063
Market cap 0

Last Updated: 07-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Africa at core of Standard strategy

Standard disposes of Russian bank stake

Standard reassures on staff morale

Standard to remain in Russia: Maree

Standard beats expectations

Standard may return cash from Troika sale

Johannesburg -  Standard Bank Group [JSE:SBK], Africa's biggest bank by assets, plans to open 12 new branches in Angola this year, bank officials said on Friday.

Standard acquired regulatory approval to start business in the southern African nation last year and has been concentrating on corporate banking there.

"So far we have opened one branch and this year the plan is to expand that to 12 more and we will be able to offer a full banking service," Vincent Magwenya, director of communications at Standard Bank's Africa unit said at a media briefing on Friday.

Angola, Africa's second-largest oil producer, has increasingly been seen as an important target for South African banks and corporates, as surging oil prices have underpinned rapid growth.

Rival Absa Group [JSE:ASA] was also considering moving back into Angola after leaving a few years ago.

Jacques Taylor, Standard Bank Africa head of agriculture, said the bank's focus in Angola would be on mining and agriculture.

"We expect agriculture this year to contribute close to 40% of our asset growth in Africa," Taylor said.

Standard has said it will provide $100m to farmers in four African countries in a three-year period to help boost production and economic growth.
absa group  |  standard bank group  |  angola  |  banking



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills..

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote