South Africa-based Standard Bank Group, Africa’s biggest lender by assets, is looking to increase stakes it holds in businesses in Angola and Nigeria.
According to Reuters, the Bank’s CEO, Sim Tshabalala, stated this on Thursday in a interview.
Standard Bank, which reportedly owns 67.55% of Stanbic IBTC (Nigeria) has operations in 20 African countries.
Tshabalala said, “We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well.”
“In Nigeria we are again wanting to increase our shareholding in the business. It’s a great business,” he added, without saying by how much.
The report added that the Angolan government is planning to sell about 34% stake in Standard Bank de Angola SA through an initial public offering, according to a presidential decree, after seizing a 49% stake that was controlled by a former insurance tycoon who is serving a nine-year prison term.
Standard Bank Group owns the remaining 51% and has the right to buy an additional 24% stake in the Angolan business.
