Standard Chartered
Standard Chartered, the international banking group with an active presence in 13 African countries and a network of 149 branches on the continent, did well in 2002 and has continued its expansion in Africa this year. Net profits were up in 2002, contributing 8% of group profit, and the trend has continued in 2003.
In 2002, Standard Chartered launched operations in the Ivory Coast and re-entered Nigeria. Despite difficulties in Zimbabwe, SC has won Bank of the Year there, producing a 220% surge in net profits and a 57% return on equity. Businesses in Africa delivered strong profits, especially in the East Africa region, where SC won Bank of the Year in Tanzania on the back of strong profit growth, and the group notes strong performances in Kenya, Botswana and Ghana.
The group, which already has a dominant position in wholesale banking business in many countries and is also a leading bank in trade and treasury services, has expanded rapidly in consumer banking, boosting revenues by more than 20% in the first half of 2003.
The group sees big opportunities in the large markets of Nigeria and South Africa, and in August, the bank was given approval to open a branch in South Africa and it announced the acquisition of 20twenty, the local digital financial services organisation. The $10m acquisition will ensure SC’s growing long-term expansion in South Africa, helping to establish a consumer banking arm in a key growth market.
Since returning to South Africa in the 1990s, Standard Chartered has set up a wholesale business through its representative office in Johannesburg and its new branch will allow for significant expansion in these activities as well.
