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4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Standard Bank Group Ltd    SBKJ   ZAE000109815

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Standard Bank : granted full banking license in Côte d’Ivoire

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07/28/2016 | 10:35pm CEST

Standard Bank Group granted full banking license in Côte d'Ivoire Standard Bank, trading as Stanbic Bank, has been formally awarded a banking license in Côte d'Ivoire, according to a statement from the bank

Accra, July 28, GNA - Standard Bank, trading as Stanbic Bank, has been formally awarded a banking license in Côte d'Ivoire, according to a statement from the bank.

The Group opened a Representative Office in December 2013, signalling a drive towards establishing a presence in Francophone West Africa, and is now gearing up to commence banking operations in a market, which stands out for its diverse, rapidly growing economy and business friendly reputation.

Côte d'Ivoire currently enjoys one of sub-Saharan Africa's fastest GDP growth rates, expected to maintain seven per cent 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, Côte d'Ivoire, CEO, Hervé Boyer.

Mr Boyer said Stanbic Bank in Côte d'Ivoire would provide the same high quality Corporate and Investment Banking products, advice and service experience that customers have come to expect across the continent.

This most recent banking license is seen as a milestone for Standard Bank Group, Africa's largest lender by assets, which prizes its "on-the-ground" footprint across the continent, now 20 countries, and views its ability to support clients locally as a defining competitive advantage.

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.

UEMOA as a whole is regarded as having substantial business advantages stemming from its stable single currency, shared central bank and stock exchange, as well as its increasingly harmonised business legal structures and burgeoning population.

Côte d'Ivoire is ideally positioned as a hub for the region which also includes Benin, Burkina Faso, Guinea-Bissau, Côte d'Ivoire, Mali, Niger, Senegal, and Togo.

The key drivers behind Côte d'Ivoire's well-diversified economic growth are public investment led initiatives in power and infrastructure in conjunction with successful public-private partnerships, natural resources (oil, gas and mining), agriculture, telecommunications, and the country's consumer market - all linked to core sectors of activity for Standard Bank.

As a bank rooted in Africa with a 153-year history, Standard Bank is committed to broadening and deepening its footprint on a continent we call home and to being Africa's leading financial services organisation.

GNA

(c) 2016 Ghana News Agency (GNA) Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ( ZAR)
Sales 2016 104 086 M
EBIT 2016 38 846 M
Net income 2016 22 308 M
Debt 2016 -
Yield 2016 5,08%
P/E ratio 2016 10,09
P/E ratio 2017 9,34
Capi. / Sales 2016 2,22x
Capi. / Sales 2017 2,04x
Capitalization 230 663 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 124  ZAR
Spread / Average Target -11%
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Simpiwe Kenneth Tshabalala Co-Group CEO & Executive Director
Ben J. Kruger Co-Group CEO & Executive Director
Thulani Sikhulu Gcabashe Chairman
Arno Daehnke Chief Financial Officer
Myles J. D. Ruck Independent Non-Executive Director
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