From Business Daily

Standard Bank hopes to close the sale of its controlling stake in the London-based Global Markets business in six months’ time.

It also plans to set up a self-standing branch in South Sudan by the end of the 2014 financial year as part of its growth plans in the continent.

In results for the six months ended June, Standard Bank on Thursday reported an improvement in its rest of Africa operations. If that improvement is sustained, it gives Standard Bank an opportunity to offset challenges in South Africa, should growth slow.

In terms of total income contribution to the group, the rest of Africa constituted 30% — growing from 17% in 2010.

Personal and business banking in the rest of Africa swung to headline earnings of R53m from a loss of R201m in the interim period in 2013. “It represents a change of strategy. They are looking for high-quality customers,” Avior research analyst Harry Botha said on Thursday.

Personal and business banking in the rest of Africa grew customer numbers by 6% to 15.9-million.

Headline earnings from the overall group personal and business banking division grew 13% to R4.19bn, while its corporate and investment division suffered a 22% drop to R2.82bn, partly knocked by potential losses from fraud in physical aluminium held in bonded warehouses in China.

Written by Phakamisa Ndzamela/Read more at Business Daily