Standard Bank of South Africa is about to expand its activities to Ivory Coast and other countries in West Africa. Starting up operations in this region is the result of recent Chinese investments. A subsidiary of Standard Bank has already opened its doors in Abidjan.
According to AfricaNews, Chinese authorities and companies have committed over $7.5 billion over the next few years to invest in infrastructure in the Ivory Coast.
China’s ICBC bank has a 20.1 percent stake in Standard Bank, which makes setting up shop for the South Africans in Ivory Coast a sensible step. They will be able to mobilise financing for China’s African partners.
The bank announced its intentions to provide advice, structuring and the capability to deploy the resources necessary to get involved in the China-funded infrastructure projects in Ivory Coast.
Standard Bank already has operations in 19 African countries including Nigeria and Ghana in West Africa. The bank has plans to move into other areas that have proven successful for the group.
Further reading on africanew.com