12 June 2012
CfC Stanbic Bank expands into South Sudan
CfC Stanbic Bank, a member bank of Standard Bank Group today officially cemented
its footprint in the Republic of South Sudan with the official opening of its first
branch in Juba, in a move aimed at supporting the country's economic pillars.
The entry into South Sudan market comes amidst plans by CfC Stanbic Bank to raise
additional capital through a rights issue to fund its growth strategy.
CfC Stanbic Bank's presence in Juba marks a milestone in the Standard Bank Group's
involvement in South Sudan through the provision of relevant banking and finance
services to the country.
CfC Stanbic Bank's Managing Director Greg Brackenridge said at the opening, "We
have a strong and long relationship with the people of South Sudan and its government
and see our branch opening in South Sudan as a vote of confidence in the country's
Speaking at the launch, the Chief Executive Officer for Standard Bank Africa, Mr.
Chris Newson said that South Sudan's natural resource potential is expected to drive
strong growth and attract investments in the energy sector, infrastructure development
and agriculture. ???Our entry into South Sudan is in line with our strategic plan
to diversify into other markets in the region and further provides proof of our
leadership position as the largest financial services organisation in Africa."
President of South Sudan, His Excellency Salva Kiir, who attended the opening, said
the decision by CfC Stanbic Bank to invest in South Sudan was timely and will help
develop the banking and financial services sector in the country adding that ???As
a government, we will continue to showcase the country's natural resource potential
which is attracting tremendous interest from investors from all over the world who
are looking at the region as an emerging investment destination. The entry of CfC
Stanbic Bank will greatly enhance the financial services offering available to the
people of South Sudan."
The bank will offer the entire suit of services available in conventional banking,
while establishing relationships with the individuals, corporations, businesses
and investors in South Sudan.