“The real growth acceleration will come after 2020,” Joel Toure, the chief executive of Standard Bank’s Ivory Coast unit, said in an interview in Abidjan, the economic hub of the world's biggest cocoa producer. “This zone was one of the missing links of the group in Africa.”
Africa's largest lender is relying more and more on its operations outside of South Africa, where it's known as Stanbic Bank, to bolster earnings amid slumping economic growth in its main home market.
The Johannesburg-based company started an office in Ivory Coast in April last year, with its eye on Senegal next, as it seeks to add to operations across 17 African countries, mainly in corporate and investment banking.
Regulatory approval to open a branch in Senegal using its Ivorian licence probably won't come before the end of next year, said Toure.