Standard Bank, the largest lender in Africa by assets, announced plans to increase its ownership in businesses in Angola and Nigeria.
The Angolan government is preparing to sell up to 34% of Standard Bank de Angola SA through an initial public offering following the seizure of a 49% stake previously held by a former insurance tycoon.
The South African-based bank currently owns 51% and has the option to acquire an additional 24% of the Angolan business.
“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” CEO Sim Tshabalala told Reuters.
“In Nigeria, we are again wanting to increase our shareholding in the business. It’s a great business,” he added, without saying by how much.
The Bank, which owns 67.55% of Stanbic IBTC and has a presence in 20 African countries, aims to lead the way in seizing growth opportunities emerging from energy transition initiatives in strategic areas across the continent, particularly in East Africa.