Doha – Standard Chartered SPS weighs a possible expansion in Morocco as part of his Africa growth strategy, said the people familiar with the matter.
According to Chris Egberink, Chief Executive Officer and Head of Banking & Coverage, South Africa, reports from Bloomberg, the bank’s move in London Bank in Morocco is part of their broader strategy to improve their asset management and transaction banking business throughout Africa.
“As if we are fully grown in Egypt with a wholesome bank on site, we look at one or two other countries”, Egberink ” said In an interview in Johannesburg. “There are a number of countries that we consider, and Morocco is one.”
The potential expansion is a continuation of the recent strategic repositioning of standard chartaes in Africa, where it has sold from smaller operations on the entire continent in the past three years.
The bank has already triggered operations in several markets Bank business Units in Botswana, Uganda and Sambia.
Standard Chartered’s interest in Morocco coincides with Access Bank Plans Establishment of operations in the North African country, announced in December 2024.
The Nigerian largest bank according to assets recently applied $ 228 million through a right problem to support its expansion strategy and seed Morocco as a strategic goal between Africa south of Sahara and Europe.
Read too: Access Bank is committed to the Moroccan market in the middle of the African expansion
The time of the entry of Standard Chartered in Morocco depends on several factors, including “regulatory inclusion, license processes, due diligence and customer interest,” said Egberink.
The bank has already demonstrated its commitment to the North African expansion by opening a branch in Egypt in January 2024, which it views as a decisive goal in Africa and the Middle East.
This strategic step comes at a time when several global banking competitors have reduced their African presence. Large players like Société Générale SA, BNP Paribas SA and HSBC Holdings PLC have attributed their operations to the entire continent in recent years.
Despite regional uncertainties, Standard Chartered maintains a “risk -on” position in Africa, where it benefited from the departure of global competitors.
The bank reports strong activities in various sectors, including metals and mining, retail clothing, production, construction and water treatment.
The expansion strategy corresponds to the focus of Standard Chartered on asset management and cross -border transaction services after a crucial initiative started in April 2022.
“We see a great aggressive interest from the United Arab Emirates – much more about the cooperation and acquisition page from the east,” Egberink noticed.
