Standard Bank Eyes East Africa as Key Growth Frontier
Standard Bank Group has reiterated its commitment to East Africa expansion, stating that it sees the region as a key area of growth on the African continent.
Sim Tshabalala, Group CEO of Standard Bank, said that a combination of factors such as Africas robust GDP growth, youthful population, and increasing economic formalization make the continent an attractive opportunity for global investors. Within this frame, East Africa which comprises Kenya, Tanzania, Ethiopia, Uganda, and Rwanda, is rapidly becoming the center of the Africas infrastructure, innovation, and cross, border trade.
East Africas strategic location, rising human capital and good infrastructure point towards the region becoming a global hub for IT investment and innovation, Tshabalala noted. He went on to say that the regions Indian Ocean access is a gateway to the Middle East, South Asia and Indo, Pacific economies.
The bank pointed to the booming infrastructure projects and transport corridors that are holding the attention of global investors who are partnering with the region.
The bank also stressed that the East African Communities enlargement and the deepening of the regional integration are the main contributors to the economic vibrancy.
Standard Bank pursues one of its goals of growth through deepening and scaling existing businesses and at the same time fully integrating its Africa, wide network to offering clients and stakeholders the benefits of the region. “We are Africa; therefore, we are the ones driving her growth, ” said Tshabalala.