Nigeria, Kenya and Ghana are likely to be on the top of the list for the bank’s expansion plans, reported Reuters.
Standard Chartered Africa CEO Diana Layfield told the news agency: "Nigeria has to be close to the top of everybody’s list (for expansion) … it has scale, growth and real dynamism."
The decision is expected to have been influenced by Nigeria’s growth, surpassing South Africa as the continent’s biggest economy this year.
The lender generated profits of $317m in Africa in the first six months of this year on an income of $878m, which accounts for 10% of the group’s total revenues.
Layfield said: "Our opportunity in Africa is constrained by the ability to invest at pace, and that’s not just a financial constraint but also a management capacity. So the real challenge is prioritisation."
Standard Chartered currently has around 8,100 employees in Africa. In January this year, it opened a subsidiary in Angola and revealed intentions to expand into Mozambique.
Image: Standard Chartered has around 89,000 staff globally. Photo: courtesy of Baycrest.
