14 October 2012

Uganda: Standard Chartered Announces U.S.$100 Million for Expansion

Standard Chartered Group has announced that it will invest over $100million on 110 new branches in Kenya, Ghana and, Nigeria alongside five other core markets over the next three years, as well as making substantial hires across both the Wholesale and Consumer Banking business, including over 900 sales staff in the Consumer Banking business.

The Group revealed the plan at a conference held in London recently.

Diana Layfield, Standard Chartered's CEO for Africa said the Group aims to increase revenues from the African countries for the next five years.

The group said they will spend on mobile payments technology, physical infrastructure, staff hires among others.

Standard Chartered currently covers 37 markets in the region - 15 on a full presence basis and 22 further markets on a transaction basis.

Since 2010, the group has upgraded a significant portion of its branch footprint across Africa, opening or refurbishing 58 branches and making selective 'bolt on' acquisitions to expand important capabilities, acquiring Barclays' African custody business and the specialist African investment bank, First Africa.

Africa currently accounts for 8% of Group's income.

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