Standard Bank's retail growth strategy takes off

Standard Bank's Personal and Business Banking growth in Africa has gained further traction with the announcement this week of three significant milestones:  500 branches, 2.5-million customers and 3-milllion active accounts in 16 countries across the continent.

The Nigerian town of Ajao Estate, Osolo this month became home to the Standard Bank Group's 500th branch in Africa, with other recent branch openings in the Zambian border town of Lumwana, and the launch of upgraded facilities in Maputo, Mozambique.

Stanbic Bank Uganda signed up the 2.5 millionth customer at the country's flagship Forrest Mall branch in Kampala.

Terry Moodley, Head of Personal and Business Banking in Standard Bank Group's Africa operations, said reaching these milestones and the remarkable growth in the bank's continental footprint is tangible evidence of its continued commitment to Africa.

'For those serious about taking advantage of the growth opportunities in Africa, there can be no substitute for proper on-the-ground presence in the key markets. Standard Bank has been investing steadily in its African footprint for the best part of 20 years. This experience has provided many lessons that continue to help us understand how best to continue growing in Africa,' he added.

Mr. Moodley revealed that Standard Bank expects to report further growth in branches numbers and customers this time next year because of the new investment it continues to commit.

Standard Bank signaled its intent to grow its position in Africa when Chief Executive Jacko Maree said in August that the group will use part of the $750-million it expects from the sales of stakes in its Argentinean subsidiary Standard Bank Argentina and Troika Dialog in Russia to focus on its franchises in Africa.

'These milestones are important to us because they provide a solid platform from which to continue to grow and consolidate our position in key African markets. Africa remains at the core of Standard Bank and this is reflected in our refined strategy unveiled earlier this year. These milestones in Personal and Business Banking are a further indication that the strategy is the right one,' Mr Moodley noted.

The Standard Bank Group operates in the following African countries outside South Africa: Mozambique; Botswana, Namibia; Zambia; Mozambique; Swaziland; Tanzania; Ghana; Uganda; Nigeria; Kenya; Lesotho; Angola; the Democratic Republic of the Congo (DRC); Zimbabwe; Mauritius.