|[Published: Tuesday October 09 2012]
Standard Chartered plans $100 mln Africa expansion push
London, 9 Oct - (ANA) - Standard Chartered plans to bulk up in Africa with a $100 million investment plan aimed at doubling the size of its business on the continent in the next five years.
Standard Chartered has previously flagged its aim to expand in Africa and said it will unveil more details to investors today, including plans to open 110 new branches in Kenya, Ghana, Nigeria and five other markets over the next three years.
London-based Standard Chartered makes the bulk of its profits in Asia and wants to capture a larger share of the increasing "south-south" trade links between Africa and Asian countries, such as South Africa and China or India.
Under its push, StanChart plans to launch in countries including Angola and Mozambique.
Its UK rival Barclays has also said it sees strong growth prospects in Africa. The firms have long been two of the biggest international banks in Africa (ANA)
FA/ANA/9 October 2012------------