Standard granted banking licence in Ivory Coast
JOHANNESBURG, (CAJ News) – STANDARD Bank is gearing up to commence banking operations in Ivory Coast after it secured a banking license.
Trading as Stanbic Bank, the Group opened a Representative Office in December 2013, signaling a drive towards establishing a presence in Francophone West Africa.
The financial firm believes Ivory Coast stands out for its “diverse, rapidly growing economy and business friendly reputation.”
The country currently enjoys one of sub-Saharan Africa’s fastest GDP growth rates, expected to maintain 7 percent or more over the next three years.
“We are delighted to be actively expanding into this attractive market alongside many of our existing multi-national corporate clients and look forward to partnering with them and other players, as well as supporting enterprises considering entering Côte d’Ivoire and the wider region for the first time”, says Stanbic Bank CEO Hervé Boyer.
Boyer says Stanbic Bank in Côte d’Ivoire will provide the same high quality Corporate and Investment Banking products, advice and service experience that customers have come to expect across the continent.
The mostly French speaking West African Economic and Monetary Union (UEMOA) region was identified as a key growth opportunity and an excellent strategic fit for the Group which has committed to play a leading role in driving Africa’s growth.
“With the addition of Côte d’Ivoire to our portfolio, we will be able to meet our clients’ banking needs in one of the continent’s most exciting growth regions,” says Victor Williams, Head of Corporate and Investment Banking for Africa.
– CAJ News
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