Standard Bank: Ivory Coast to be regional hub

Published Sep 1, 2014

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STANDARD Bank planned to expand in west Africa to take advantage of growth in the mining and energy industries and the stability of a regional single currency, Africa’s largest lender said last week. It was seeking a banking licence for Ivory Coast by the end of next year to use the country as a hub for the region, Hervé Boyer, the regional managing director for Francophone west Africa, said. Ivory Coast is rebounding after a decade of violence that curtailed economic growth. The government expects growth of 10 percent this year as it invests in transport infrastructure, including highways and bridges and expands its ports. Those projects, as well as mining and energy, would drive the bank’s growth in the region, Boyer said. “Our objective is not only to develop our operations in Ivory Coast but to make it a regional hub. Our feeling is extremely positive on the west African Francophone market. Opportunities are incredible.”– Bloomberg

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