South African Standard Bank announced its plans to expand in North Africa, especially in Morocco and Egypt.
In an interview with “Bloomberg”, CEO of “Standard Bank”, Sim Tshabalala, stated that the bank is studying expansion plans in Morocco, Egypt and Cote d’Ivoire, stressing that the bank can benefit from expanding the scope of African companies.
“Unlike five or ten years ago, there are a number of African multinationals, which have regional strategies, as well as international multinationals operating in countries where we do not operate,” Tshabalala remarked.
The CEO highlighted that these companies would like to work with Standard Bank in countries that are “outside the bank’s existing network.”
Last September, the CEO reported that the South African bank was considering expanding outside sub-Saharan Africa for the first time, “to serve multinational companies operating in Arabic-speaking countries.”
“Given that Morocco and Egypt have well-developed banking sectors, and are the most attractive economies facing the Mediterranean,” Tshabalala says, “the two markets provide strong growth opportunities for the bank’s services, targeting individuals and companies with high net worth.”
Details of Standard Bank’s expansion into the Moroccan market have not yet been announced, but the bank’s potential operations in the North African market are likely to overlap with the services of well-established regional banks.