South Africa-based Standard Bank has outlined its strategy to expand presence in Ivory Coast and to boost its service offerings across the rest of Francophone West African region.
Standard Bank believes that the global firms will heavily invest in the region due to presence of abundant mineral wealth backed by economic growth.
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Using its expertise and resources in Ivory Coast, the bank will get the access the rest of the region including Benin, Burkina Faso, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, and Togo, which are united under the West African Economic and Monetary Union (UEMOA).
Standard Bank corporate and investment banking unit client coverage Africa executive, Greg Goeller, said: "It’s fair to say that we’ll be using the Ivory Coast office as a launchpad into the rest of the region.
"Francophone West Africa is less well-known to South Africans but it cannot be ignored due to the economic potential.
"Our clients are increasing presence and exposure to West Francophone Africa and we plan to follow them," Goeller added.
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By GlobalDataApart from UEMOA’s member countries, Standard Bank also plans to expand its presence in Cameroon, the Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon of Central African Economic and Monetary Community (CEMAC).
