Standard Bank – trading as Stanbic Bank – has been awarded a banking license in Côte d’Ivoire. After Standard Bank Group opened a Representative Office in Abidjan in early 2014, which established a presence in Francophone West Africa, it has now commenced banking operations through a fully licensed bank to focus on the needs of its Corporate and Investment banking clients.
Commenting on the launch, Stanbic Bank's CEO for Côte d'Ivoire, Hervé Boyer said: “We look forward to partnering with our clients in Côte d’Ivoire. The team has grown steadily, with Côte d’Ivoire’s vibrant financial services sector and highly competitive banking industry proving to be an excellent launch pad for Standard Bank to expand its services.”
Stanbic Bank Côte d’Ivoire will serve multi-national companies, many of whom already have a relationship with the Group in other parts of the continent or internationally.
Kenny Fihla, Standard Bank’s Chief Executive for Corporate and Investment Banking said: “Our strategy is focused on sectors driving Africa’s growth through proactive client partnerships that deliver relevant solutions. We continue to utilise our presence and deep knowledge of the African markets to support our clients’ growth aspirations across the continent and link them to global trade corridors and key financial centres.”
This is the culmination of a deliberate drive by Standard Bank to establish a presence in the Francophone West Africa region with its diverse, rapidly growing economies and business-friendly reputation.”
The West African Economic and Monetary Union (WAEMU), of which Côte d’Ivoire is a member, also offers Standard Bank substantial business advantages stemming from its stable single currency, shared central bank and stock exchange, as well as its harmonised business legal structures. The country is ideally positioned as a hub for the region which also includes Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, and Togo.