Africa’s largest lender by assets, Standard Bank, is extending its geographic reach beyond its core sub-Saharan African markets under South African banker Sim Tshabalala. The bank has applied for a banking license in Egypt, a move that could capitalize on the continent’s burgeoning trade ties with the Middle East.
Standard Bank’s push into Egypt, a nation of more than 100 million people, follows its strong 2023 financial performance, with headline earnings surging to $2.3 billion. This underlines the bank’s commitment to both deepening its presence in sub-Saharan Africa and tapping into the promising North African market.
Standard Bank CEO bullish on Africa growth
The lender’s growth strategy includes expanding into North Africa, with its existing operations in 20 Sub-Saharan African countries contributing 42 percent to its full-year 2023 results. Key contributors include Ghana, Kenya, Mauritius, Mozambique, Nigeria, Uganda, Zambia, and Zimbabwe, leveraging Africa’s economic potential.
Standard Bank Group CEO Sim Tshabalala, who took the helm in September 2017, expressed satisfaction with the bank’s performance in early 2024. He attributed the success to a well-differentiated franchise and positive business momentum.
Tshabalala leads growth and sustainability push
Standard Bank’s pursuit of new markets aligns with a strategic priority to explore and assess expansion opportunities in North Africa. Under Tshabalala’s leadership, Standard Bank has seen a significant improvement in financial performance. The bank’s latest annual report reveals a 27 percent increase in headline earnings and a 20 percent rise in total net income.
Tshabalala’s vision extends beyond current targets. Standard Bank’s commitment to sustainable finance is on track to surpass its initial goal of R250 billion ($15.6 billion) by 2026, underscoring the bank’s role in Africa’s green transition.
