Johannesburg — STANDARD Bank has opened a branch in Ivory Coast, bringing its presence in African countries to 20. The bank in the capital, Abidjan, will focus on the needs of Corporate and Investment clients.
It will operate as Stanbic Bank in Côte d'Ivoire.
Kenny Fihla, Standard Bank's Chief Executive for Corporate and Investment Banking, said the company's strategy was focused on sectors driving Africa's growth through proactive client partnerships that delivered relevant solutions.
"We continue to utilise our presence and deep knowledge of the African markets to support our clients' growth aspirations across the continent and link them to global trade corridors and key financial centres," Fihla said.
The South African-headquartered Standard Bank began scoping the market of Ivory Coast in 2013. A representative office was opened by a small core team in early 2014.
The bank was awarded a license in 2016.
"We look forward to partnering with our clients in Côte d'Ivoire. Côte d'Ivoire's vibrant financial services sector and competitive banking industry is an excellent launch pad for Standard Bank to expand its services and we look forward to being able to contribute to the economic development of the country," said Stanbic Bank's CEO for Ivory Coast, Hervé Boyer.
Ivory Coast is one of the region's fastest-growing economies, with annual gross domestic product growth of 8 percent. The rate is expected to be maintained over the next three to five years.
Sola David-Borha, Standard Bank's Chief Executive for Africa , said the company aimed to support the growth of its clients and driving inclusive economic growth across the region.
"Ultimately, that will support sustainable, job-creating growth and wealth creation and deeper integration of African markets into the global economy," David-Borha said.