Africa: Standard Bank uses new cash for Africa

“Acquisitions come along where they come along” Jacko Maree, Standard Bank

Jacko Maree, chief executive of Standard Bank, tells Euromoney he is focusing on growth in Africa, including possible acquisitions in Nigeria, Kenya, and Angola. Standard Bank announced the sale of its Argentina unit in August, raising the question of what it would do with the additional capital.

Analysts say that at $600 million the South African group got a good price for the Argentine bank. The buyer is China’s ICBC, Standard Bank’s biggest shareholder.