BY MICHAEL EBOH

Standard Bank, holding company and parent company of Stanbic IBTC Bank and the Industrial and Commercial Bank of China, ICBC, the world’s largest bank by market capitalisation, have announced plans to tap into the opportunities inherent in the Nigerian economy by expanding their operations in the country.

Standard Bank said its decision to expand its activities in Nigeria is borne out of the need to connect African markets to opportunities in key economies and fast-growth markets across the world.

Speaking in Lagos, after its week-long Group Board Meeting, Mr. Fred Phaswana, Chairman of the company, said the bank intends to be a leading player in the banking and financial services industry and will continue its retail expansion drive alongside ongoing growth in its Corporate and Investment Banking as well as Wealth Divisions.

He noted that Nigeria’s potential for growth and development is immense, adding that Nigeria’s economic vibrancy is impressive, reflected in the economic growth Nigeria continues to record.

Speaking in the same vein, Mr. Jacko Maree, Chief Executive Officer, Standard Bank, said the bank is very proud of its Nigerian subsidiary, Stanbic IBTC Bank and very happy with its performance.

He noted that the bank would like to grow even bigger in Nigeria and remains very committed to enabling Nigeria and Nigerians to capitalize on the enormous opportunities that abound in the country.

Maree said the Standard Bank Group has recently refined its business strategy to be more focussed on Africa.

“Going forward, we will aggressively seek and strive to have our markets benefit from opportunities domestically as well as opportunities in the BRIC economies: Brazil, Russia, India and China,” he said.

He further stated that in addition to its renewed focus on Africa, Standard Bank’s partnership with ICBC represents evidence of its commitment to connecting Nigeria and other emerging markets with fast-growth markets across the world.

ICBC’s Senior Executive Vice President and Joint Deputy Chairman of Standard Bank Group, Mr. Hongli Zhang affirmed that ICBC will remain very supportive of Stanbic IBTC and Standard Bank’s efforts in Nigeria.

“This is a very vibrant economy, replete with opportunities and we look forward to being of even more support to Stanbic IBTC Bank and Standard Bank in Nigeria,” he said.

Also speaking, Mrs. Sola David-Borha, Chief Executive Officer, Stanbic IBTC Bank, said the bank has in the last few years, embarked on a very aggressive retail expansion program, with 163 branches in Nigeria and has a representation in every state of Nigeria including Abuja.

Joint Deputy Chairman of Standard Bank Group, Mr. Saki Macozoma reiterated that Standard Bank is pleased to have had its entire board meet in Nigeria.

“For a bank firmly rooted in Africa like ourselves we can see the potential that Nigeria epitomizes and are very keen to see ourselves grow alongside Nigeria.”