Although Standard is Africa’s largest bank – and claims to be a leading emerging markets bank globally with its presence in 28 countries – Francophone West Africa remains a region that has not yet received “on the ground” treatment from Standard.

It prefers to handle large infrastructure deals in the area from its London emerging markets hub, using suitcase bankers.

Global corporate and investment banking chief executive Peter Wharton-Hood said setting up a physical presence in French-speaking Africa was not on Standard’s radar screen.

But analysts say the bank’s partners at Industrial and Commercial Bank of China could cause it to review its position, given the resources wealth in the region.

Asked whether Standard had considered buying Ecobank, the Togo-headquartered retail and business bank that spans French- and English-speaking countries in West Africa, Wharton-Hood said: “We are aware of them, but we ... must remain focused on what we’ve got – our Nigerian and Kenyan acquisitions are keeping us busy for now.”

Wharton-Hood paid tribute to his predecessors who, in 1992, acquired the African operations of ANZ Grindlays, giving Standard a head start on the continent over its South African peers – and allowing it to compete against the likes of Standard Chartered, Barclays and Citi.

As things stand, Namibia, with a population of just two million, is the largest contributor to Standard’s African revenue. Nigeria is expected to overtake this easily this year .


By RICHARD STOVIN-BRADFORD
From dispatch.co.za