Standard Bank Group has incorporated the Tanzanian market into its Regional Custody Network. The development of the custody product in Tanzania reflects growing investment interest in the market driven by Initial Public Offerings.
Custodial services in Tanzania will be provided to regional and international clients via Stanbic Bank Tanzania.
The addition of Tanzania adds to the existing 14 sub-Saharan markets in which Standard Bank Group currently provides custody services.
"The continued expansion of our network further demonstrates our commitment to serving client requirements across the sub-Saharan region", says Fiona Green, Head Investor Services Africa
Standard Bank Group has a banking presence in 17 markets in sub-Saharan Africa, and intends to expand the Investor Services network to other markets in the region. The Standard Bank Group Investor Services business in sub-Saharan Africa has grown significantly in the past two years, with the launch of Malawi, Mauritius, Uganda, Mozambique, Rwanda and now Tanzania, which further demonstrates the bank's leading position in the region.
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