Standard Chartered is remaining risk-on in South Africa, despite political tensions\u2014with its global client base hunting for more opportunities.<\/p>\n\n\n\n
The group said is considering expanding its presence in Africa to grow its wealth and transactions businesses, after spending the past three years exiting some of its smaller operations on the continent.<\/p>\n\n\n\n
\u201cLike we\u2019ve gone and expanded in Egypt with a fully-fledged bank on the ground, we are looking at one or two other countries,\u201d Chris Egberink, chief executive officer and head of banking & coverage, South Africa said in an interview in Johannesburg. <\/p>\n\n\n\n
\u201cThere\u2019s a number of countries we are considering, and Morocco is one.\u201d<\/p>\n\n\n\n
The timing will depend on regulatory engagement, licensing, due diligence and client appetite, Egberink said.<\/p>\n\n\n\n
The move will enhance the London-based lender\u2019s strategy of focusing on its wealth and cross-border transactional businesses after divesting units in Africa and the Middle East since\u00a0April 2022<\/a>\u00a0to streamline its operations.<\/p>\n\n\n\n It has exited units in Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, Jordan, Lebanon and Tanzania and is looking to sell its retail banking businesses in Botswana, Uganda and Zambia.<\/p>\n\n\n\n