Standard Bank Group , Africa’s biggest bank by assets, plans to acquire a lender in Kenya by 2025 as part of its growth strategy, according to the company’s East Africa Regional Chief Executive Patrick Mweheire. The plan is for its Kenyan unit, Stanbic Holdings, to grow through an acquisition within two years, Mweheire said in an interview in the capital, Nairobi.
The firm will also seek a full licence in Ethiopia once Africa’s second-most populous nation opens up its banking industry to foreign investors, Mweheire said. It “would have to buy something because organic growth doesn’t make sense” in Ethiopia, he said. “The problem with going organic is that you bleed for the first five to 10 years.” There are 25 commercial lenders serving Ethiopia’s 117 million people, according to World Bank data.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Global bank stocks under pressure on Silicon Valley Bank falloutEurope’s bank shares suffered their biggest fall in over a year as global efforts to limit the fallout from the collapse of SVB failed to ease fears.
Source: BDliveSA - 🏆 12. / 63 Read more »