Standard Bank, Africa’s biggest lender by assets, is set to increase its stakes in businesses in Angola and Nigeria, its CEO said last week, Reuters reported.
The Angolan government is set to sell up to 34% of Standard Bank de Angola SA’s shares through an initial public offering, according to a presidential decree, after seizing a 49% stake that was controlled by a former insurance tycoon who is serving a nine-year prison sentence, Reuters reported, without naming the former Angolan tycoon.
South Africa-based Standard Bank Group holds the remaining 51% and has the right to buy an additional 24% stake in the Angolan business.
“We are going through a process where we are giving our best and therefore we will increase our shareholding in Angola if everything goes well,” CEO Sim Tshabalala told Reuters in an interview.
“In Nigeria, we want to increase our shareholding in the business again. It’s a great deal,” Tshabalala added, without saying the amount.
Standard Bank owns 67.55% of Stanbic IBTC, according to LSEG data.
Standard Bank, with operations in 20 African countries, expects to be at the forefront of growth opportunities unlocked by energy transition projects in key regions of the continent, including East Africa.
2024-08-18 21:57:23