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Johannesburg - Africa’s biggest bank by assets, Standard Bank Group [JSE:SBK], plans to have a sound footprint in French-speaking Africa, where it currently has no significant presence despite being in 18 African markets.
“In addition to opening up a representative office in Cote d’Ivoire, we want to follow clients to Francophone African markets. By doing so we want to get close to the economic players there,” Kenny Fihla, the head of client coverage at Standard Bank, told Fin24 in an interview.
Fihla disclosed that the lender had even appointed a high-ranking French-speaking person to tackle challenges brought about by language barriers and other cultural issues, if and when the company moves full steam ahead to set up shop in French-speaking countries on the continent.
“This has been our strategy in Mozambique and Angola where we appointed people who understand the culture there,” Fihla said. Mozambique and Angola are Portuguese-speaking countries.
Most South African companies that have expanded aggressively into the African continent have found it hard to set up shop in Francophone Africa, because of the language barrier.
Pan-African micro-financier Blue Financial Services, which has expanded aggressively into the African continent, found it hard to start flourishing operations in Cameroon, another French-speaking African country, because of the language barrier.
According to Fihla, Standard Bank is in the process of starting a representative office in Cote d’Ivoire because the country is located in one of the most economically integrated regions on the continent.
This shows the seriousness with which the bank views prospects on the continent, which has a growing middle class and is tipped for economic growth in the next decade.
Standard Bank has disposed of its operations in the emerging markets of Russia, Argentina, Turkey and Brazil to focus its energy on Africa.
- Fin24
“In addition to opening up a representative office in Cote d’Ivoire, we want to follow clients to Francophone African markets. By doing so we want to get close to the economic players there,” Kenny Fihla, the head of client coverage at Standard Bank, told Fin24 in an interview.
Fihla disclosed that the lender had even appointed a high-ranking French-speaking person to tackle challenges brought about by language barriers and other cultural issues, if and when the company moves full steam ahead to set up shop in French-speaking countries on the continent.
“This has been our strategy in Mozambique and Angola where we appointed people who understand the culture there,” Fihla said. Mozambique and Angola are Portuguese-speaking countries.
Most South African companies that have expanded aggressively into the African continent have found it hard to set up shop in Francophone Africa, because of the language barrier.
Pan-African micro-financier Blue Financial Services, which has expanded aggressively into the African continent, found it hard to start flourishing operations in Cameroon, another French-speaking African country, because of the language barrier.
According to Fihla, Standard Bank is in the process of starting a representative office in Cote d’Ivoire because the country is located in one of the most economically integrated regions on the continent.
This shows the seriousness with which the bank views prospects on the continent, which has a growing middle class and is tipped for economic growth in the next decade.
Standard Bank has disposed of its operations in the emerging markets of Russia, Argentina, Turkey and Brazil to focus its energy on Africa.
- Fin24
