In the wake of the financial crisis, and as the domestic retail loans sector struggles to recover, South Africa’s commercial banks are paying ever more attention to countries elsewhere on the continent where economic growth is accelerating.
In Nigeria, First Rand announced last month that it was in talks to buy a controlling stake in Sterling Bank, which is valued at about $180 million. Sterling has 99 branches in Nigeria and is not among the nine banks whose management the local central bank removed after a 2009 sector audit.
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