South Africa-based Standard Bank Group Ltd. will start seeing growth from its investment into West Africa after 2020 once its business in the Côte d'Ivoire finds its footing and its Senegal business becomes operational, Joel Toure, CEO of the group's Côte d'Ivoire unit, told Bloomberg News.
The bank is unlikely to receive regulatory approval to open a branch in Senegal through its license in Côte d'Ivoire before the end of 2020, Toure added.
Standard Bank is facing heavy competition in the region from multinational firms including French telecommunications company Orange SA, which has acquired a banking license, as well as British banking group Standard Chartered PLC, which has been piloting digital banking services in Côte d'Ivoire, the news agency noted.
