From Banking Tech

Standard Bank of South Africa has launched a major expansion drive in West Africa, starting with the opening of a new representative office in the Côte d’Ivoire. The bank plans to use its office in the port city of Abidjan to become familiar with the region and identify further opportunities within it.

The bank has chosen West Africa as a growth opportunity, based partly on its membership of the West African Economic and Monetary Union, which also includes nearby countries Benin, Burkina Fasso, Guinea-Bissau, Mali, Niger, Senegal and Togo.

Standard Bank chose Côte d’Ivoire because of its public investment in infrastructure, its natural resources in oil, gas, mining and agriculture, the level of Chinese investment into the country, and the importance of Côte d’Ivoire to the surrounding Francophone countries. The country has an estimated 21 million inhabitants, according to the CIA World Factbook.

Written by Elliott Holley | Read more at bankingtech.com