Fin24

Africa to contribute 25% of bank’s revenue

2012-10-31 20:52

Johannesburg - Standard Bank Group [JSE:SBK] sees its African operations excluding South Africa accounting for 25% of group revenue in five years time, from just a tenth at the moment, its deputy chief executive said on Wednesday.

“Our business in Africa has made very good progress, we’re currently generating about R1.4bn a month in Africa outside of South Africa,” Ben Kruger told journalists.

Standard Bank also said it had appointed Peter Schlebusch to help grow its personal and business banking (PBB) across its 18 African franchises in Africa.

PBB contributed R20bn, or 62% of the group’s total income in the first half.

Kruger said the lender expects to open 20-30 new branches in Nigeria annually until it has 300 shops there, from 200 currently. It also intends to have another 30 branches in oil-rich Angola by the end of 2012.