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.
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