Standard Bank Group Limited, a South Africa-based financial services provider company, is planning to buy more shares in its Nigeria business. The popular bank has operations in 20 African countries.
In a strategic step to capitalize on the growth opportunities in the Nigerian market, Africa’s leading lender by asset is on course to increase the shares it holds in businesses in Nigeria. On the other hand, several crypto companies, including Binance, Kucoin and OKX have closed their operations in the country, citing unclear regulations.
Standard Bank’s CEO Sim Tshabalala disclosed the planned development in an interview with Reuters. He said, “In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” Tshabalala added, according to a statement.
While specific details were not disclosed in the report, it bears noting that Standard Bank owns 67.55% of Stanbic IBTC, per the London Stock Exchange Group (LSEG) data.
Likewise, the bank holds 51% ownership in its Angola subsidiary, Standard Bank de Angola SA, and it’s now eyeing a significant stake increase.
According to the Thursday report, the Angolan government plans to sell up to 34% of the bank’s shares through an initial public offering (IPO). The plan comes after the seizure of a 49% stake from a former insurance magnate in Angola, who is now serving a nine-year prison sentence for criminal activities.
Speaking on their share increase plans in Standard Bank de Angola SA, Tshabalala commented, “We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well.”
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