Standard Bank Targets Increasing Stake in Nigeria

By Adedapo Adesanya

Standard Bank, Africa’s biggest lender by assets, is looking to increase the stakes it holds in businesses in Nigeria as well as in Angola.

This is according to its CEO, Mr Sim Tshabalala, in an interview with Reuters on Thursday.

He didn’t say how much the bank will be boosting its holdings in Nigeria.

“In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” he said.

Standard Bank owns 67.55 per cent of Stanbic IBTC Holdings in Nigeria, according to LSEG data.

In Angola,  the government is planning to sell as much as a 34 per cent stake in Standard Bank de Angola SA through an initial public offering (IPO), according to a presidential order.

This is coming after it seized a 49 per cent 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 per cent and has the right to buy an additional 24 per cent 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,” the CEO said.

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.