The bank has an asset base of $172.9 billion (Sh20 trillion) and has a market valuation of Sh1.9 trillion.
Africa’s largest bank by assets Standard Bank Group, is open to expand its footprint in the continent by acquiring financial institutions in Kenya and Nigeria.
Standard Bank Group has a staggering asset base of $172.9 billion (Sh20 trillion) and has a market valuation of Sh1.9 trillion.
According to Standard Bank Chief Executive Officer Sim Tshabalala, the bank was ready to move forward if it finds worthwhile deals.
“If there was an appropriate priced asset with acceptable risk, we would definitely look at acquiring,” he said in a conversation with Bloomberg.
The bank is eyeing key markets in some of the continent’s most vibrant economies and identifies the potential in the African Continental Free-Trade Area framework.
Standard Bank Group’s readiness to invest in Kenya is a testament to the country’s rebounding economy, which has suffered the effects of a global pandemic, the UK-Russia conflict and heightened political activity.
Earlier in June 2022, Access Bank, which is Nigeria’s largest lender by assets, acquired Sidian Bank from Centum Investments.
Access Bank bought 83.4 % of Sidian Bank shares in a deal valued at Sh4.3 billion.
“Centum Investment Company Plc (‘Centum’) announces today that it has entered into a binding agreement with Access Bank Plc (‘Access Bank’) regarding a proposed purchase by Access Bank of Centum’s entire equity stake in Sidian Bank Limited,” Centum’s CEO, James Mworia announced.
The purchase of Sidian Bank happened two years after Access Bank bought Transnational Bank from close associates of the late former President Daniel Moi for Sh1.56 billion.
Transnational Bank was then changed to Access Bank Kenya and will now merge with Sidian Bank after regulatory approvals.
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