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Standard Bank Group reaffirms confidence in Nigeria
14 October 2011

Nigeria's economic vibrancy is impressive, reflected in the economic growth that Nigeria continues to record. 

This is how Standard Bank Group chairman Fred Phaswana summed up the feelings of the group's board of directors, following their week-long meeting held in Lagos. 

"We are very proud of our Nigerian subsidiary, Stanbic IBTC Bank, and very happy with its performance. The group would like to expand in Nigeria and remains committed to enabling Nigerians to capitalize on the enormous opportunities locally," said Jacko Maree, Chief Executive of Standard Bank Group. 

Standard Bank Group 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," added Mr Maree. 

In addition to its renewed focus on Africa, Standard Bank Group's partnership with the Industrial and Commercial Bank of China (ICBC), the world's largest bank by market capitalization, is evidence of the group's commitment to connecting Nigeria and other emerging markets with fast-growth markets across the world. 

"This is a very vibrant economy, replete with opportunities. We look forward to being of even more support to Stanbic IBTC Bank and Standard Bank Group in Nigeria," Hongli Zhang, ICBC's Senior Executive Vice President and Joint Deputy Chairman of Standard Bank Group. 

The recent retail expansion program includes a total of 163 branches across the country and representation in every state of Nigeria including Abuja. "The group 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," comments Sola David-Borha, Chief Executive Officer Stanbic IBTC Bank. 

Joint Deputy Chairman of Standard Bank Group Saki Macozoma said, "For a bank firmly rooted in Africa like ourselves we can see the potential that Nigeria epitomises and are keen to see ourselves grow alongside Nigeria. This is an incredibly vibrant country and we plan to be here for the long haul, helping Nigeria optimise its immense potential."

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