Standard Bank moves to increase its stakes in Angolan and Nigerian companies, the bank’s CEO Sim Tshabalala said on Thursday.
“In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” Tshabalala told Journalists in an interview.
The Angolan government plans to sell up to 34 percent of Standard Bank de Angola SA in an initial public offering, according to a presidential decree. The company previously secured 49 percent controlled by a former insurance tycoon serving a nine-year prison sentence.
South Africa-based Standard Bank Group owns the remaining 51 percent and has the right to take another 24 percent of the Angolan company.
“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” he said.
Standard Bank, which operates in 20 African countries, wants to be at the forefront of growth opportunities opened up by energy transition projects in key regions of the continent, including East Africa.
