Standard Bank, Africa's largest bank by assets said on Wednesday, 18 September 2024, it will allow small to mid-sized businesses operating on the continent to do their banking with the lender in Mauritius.
Source: Reuters.
The Indian Ocean island is viewed as one of the easiest places to do business in sub-Saharan Africa, offering a better alternative for African businesses grappling with economic challenges that have led to currency devaluations and impacted the availability of capital.
Standard Bank is building on its established presence in Mauritius, where it has historically focused on global multinationals and large listed companies through its Corporate and Investment Banking (CIB) arm since 2001.
The lender will introduce its Business and Commercial Banking (BCB) offering to small and mid-sized businesses across Africa that wish to do banking in Mauritius, Tunde Macaulay, head of Africa Regions and Offshore for Standard Bank BCB said at the launch event.
"Operating through the Mauritian International Finance Centre means the opening of investment and trading opportunities that capitalise on its business-friendly environment, solid infrastructure, a skilled workforce, competitive tax rates and a well-regulated banking sector," Macaulay said.
The bank's BCB unit is the fastest growing business in its portfolio, accounting for 21% of the group's earnings, group chief executive officer Sim Tshabalala said.
Africa has been a key focus area to generate growth for Standard Bank — which has assets of over $170bn and operations across 20 countries.
The lender is also banking on African countries implementing the African Continental Free Trade Agreement, which aims to boost intra-Africa trade.
"We want to be the dominant business bank in sub-Saharan Africa," Tshabalala told potential clients at the launch event.
