You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Standard Bank gears up for Africa’s post-Covid economic recovery

Sees opportunity in both its core SA market and the rest of the continent.
Sim Tshabalala. Image: Bloomberg

Africa’s biggest lender sees opportunity in both its core South African market and the rest of the continent amid a recovery from the Covid-19 pandemic.

“South Africa is fiercely competitive,” Standard Bank Group Ltd. Chief Executive Officer Sim Tshabalala said in an interview on Thursday. “We have to continue making investments” there. The Johannesburg-based lender is also ready to take advantage of consolidation throughout Africa, where it has a presence in 20 countries, he said.

Standard Bank has increasingly turned its focus outward in recent years, with Africa producing the fastest-growing parts of its business last year and contributing about a quarter of its total income.

“We are going to go where the returns are highest and the risks are lowest,” Tshabalala said. Geographically, Ethiopia and the West African Economic and Monetary Union — including Côte D’Ivoire, Mali and Senegal — are attractive, he said. The lender expects growth in South Africa to rebound by 4.6% this year, Tshabalala said.

While Standard Bank moves against stepped-up competition in Africa and at home, it must also protect its talent as Absa Group Ltd. hunts for a new leader and other top executives. The sudden resignation of Absa’s former head, Daniel Mminele, has raised concerns around succession planning at South African companies.

“I worry immensely because traditionally Standard Bank has been a hunting ground for talent,” Tshabalala said. Concerning its own succession planning, the bank has “deep bench strength and there are no concerns about the quality of existing management,” he said.

© 2021 Bloomberg

COMMENTS   1

You must be signed in to comment.

SIGN IN SIGN UP

Very over looked share,
Standard Bank needs to buy back some of its shares to save face or starting paying proper dividends.

SBK share NAV = R110, Share price R120.

Capitec share NAV R259, Share price over R1500

I don’t get it.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: