August 15, 2024

Standard Bank Africa’s biggest lender by assets, is looking to increase stakes it holds in businesses in Angola and Nigeria, its CEO said on Thursday.

The Angolan government is planning to sell as much as a 34% stake in Standard Bank de Angola SA through an initial public offering, according to a presidential decree, after seizing a 49% stake that was controlled by a former insurance tycoon who is serving a nine-year prison term.

South Africa-based Standard Bank Group owns the remaining 51% and has the right to buy an additional 24% stake in the Angolan business.

“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” CEO Sim Tshabalala told Reuters in an interview.

“In Nigeria we are again wanting to increase our shareholding in the business. It’s a great business,” he added, without saying by how much.

Standard Bank owns 67.55% of Stanbic IBTC according to LSEG data.

Standard Bank, with operations in 20 African countries, is hoping to be at the forefront of growth opportunities unlocked by energy transition projects in key regions on the continent, including East Africa.

REUTERS