StanChart’s strategy to boost investment in Africa

@steveumidha

Standard Chartered Bank has announced plans to step up investment and leverage footprint in Africa.

Through a new brand campaign, ‘Here for Africa’, the Bank said Monday that it is optimistic on Africa’s future with a pledge to increase funding to key growth sectors including  infrastructure, telecommunications, transport, retail and trade.

Under the Bank’s refreshed global strategy, announced late last year, the Bank targets to grow its business across all markets, with a keen focus on Corporate and Commercial segments.

In a statement, Sunil Kaushal, the Regional CEO for Africa and Middle East termed Africa an integral and valuable economic partner within the Standard Chartered Group footprint.

“This campaign is about our show of commitment and confidence in a continent that we have been in for over 150 years. We consider ourselves truly African – every one of our Sub Saharan CEOs is African, our people who lead and manage our strategy are African, and our strategy is tailored to suit Africa’s specific trends and business dynamics. We are indeed Here for good and Here for Africa,” he said.

Currently, Standard Chartered supports over 1 million retail customers in Africa and over 25,000 commercial, corporate and institutional clients.  In November last year, the Bank committed to USD3 billion in strategic investments globally, over the next three years – a commitment which has already seen Africa benefiting with a multi-market upgrade of digital and mobile banking platforms.

“Kenya and East Africa in general has exponential value to the Standard Chartered Group. Our commiittment  and support has been demonstrated through provision of finance  required to achieve Kenya’s economic and social initiatives, funding to entrepreneurs and the unwavering support to our clients growth aspirations,” said   Mr Lamin Manjang CEO for Kenya & East Africa added.

Last year the Bank’s gross lending in Kenya through the Retail, Commercial Banking and Corporate & Institutional Banking segments stood at Sh 124 billion.

The extended reach of the campaign means audiences across 38 African and a further 10 international markets will witness the Bank’s focused commitment on the continent.