standard bankAngolan branch growth planned

Standard Bank was planning to open seven branches in Angola this year but did not plan any acquisitions there, the chief executive of the bank’s unit in the country, Pedro Pinto Coelho, said on Friday. “We currently have 20 branches and we plan to open seven more this year,” Pinto Coelho said. Standard Bank, which operates in 17 African countries, has been expanding in Nigeria, Angola and Kenya to boost profit. The bank has reversed a decision to look for acquisitions in Angola, whose economy expanded more than 8 percent last year, according to an International Monetary Fund report last week. “This year we will focus on leveraging our platform to maximise revenue,” Pinto Coelho said. Its stock slid 0.15 percent to R116.50 on Friday. – Bloomberg