Standard Chartered bulks up in S.Africa

JOHANNESBURG (Reuters) - Standard Chartered has opened two new branches in South Africa to target Cape Town and Durban-based companies looking to expand across the continent, its chief executive for Africa said on Tuesday.

The London-listed bank saw 28 percent growth in its South African business last year and is now looking to court local retailers, many of which are based in Cape Town, and trading housing operating in Durban, Diana Layfield told the Reuters Africa Investment Summit.

While Standard Chartered is dwarfed in South Africa by domestic powerhouses like Standard Bank and FirstRand, it is looking to use its presence in at least 15 African countries to win business from companies looking north.

"In South Africa, we have seen real opportunity recently," she said.

Standard Chartered is also scaling up its business in neighbouring Angola, where it recently inked a deal for a 60 percent stake in a joint venture bank with state-owned insurer ENSA.

Standard Chartered is investing a $100 million in Africa aimed at doubling the size of its business on the continent in the next five years. Its profit from Africa jumped 23 percent to $771 million in 2012.

Source: http://news.yahoo.com/standard-chartered-bulks-africa-115933184--finance.html

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