12 May 2014

Nigeria: Why We Are in Ivory Coast - Standard Bank

Standard Bank has planned to use its presence in the Ivory Coast to expand its service across the rest of Francophone Africa.

The bank said it believed that part of the continent was poised to experience an investment boom as foreign companies are lured by the region's mineral wealth and economic growth.

Africa's largest lender opened its Ivory Coast representative office in the capital city of Abidjan in November last year to service its 145 clients with operations in Francophone Africa in sectors ranging from mining, oil and gas, infrastructure, power and energy to fast moving consumer goods.

Standard Bank said at the time that the investment signified a deliberate drive into West Francophone Africa due to Ivory Coast's membership of the West African Economic and Monetary Union (UEMOA), which included Benin, Burkina Fasso, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, and Togo.

"It's fair to say that we'll be using the Ivory Coast office as a launch pad into the rest of the region. Francophone West Africa is less well-known to South Africans but it cannot be ignored due to the economic potential," said Mr Greg Goeller, Executive for Client Coverage Africa at Standard Bank's Corporate and Investment Banking unit.

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