We have been formally awarded a banking license in Côte d’Ivoire trading as Stanbic Bank. We opened a representative Office in December 2013, signalling a drive towards establishing a presence in Francophone West Africa, and are now gearing up to commence banking operations in a market which stands out for its diverse, rapidly growing economy and business friendly reputation. The country currently enjoys one of sub-Saharan Africa’s fastest GDP growth rates, expected to maintain 7% or more over the next three years.
This most recent banking license is seen as a milestone for Standard Bank Group. We prize our on-the-ground footprint across the continent, now 20 countries, and view our 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.
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 harmonized 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 Group.
As a bank rooted in Africa with a 153 year history, we are committed to broadening and deepening its footprint on a continent we call home and to being Africa’s leading financial services organisation.
For more on Standard Bank Group's African footprint, click here.