South African financial institution Standard Bank is set to increase its investments in its Angolan business – Standard Bank de Angola SA -, according to the bank’s CEO Sim Tshabalala.
The Angolan government is preparing to sell up to 34% of its shares in the bank through an initial public offering. Currently holding 51% interest in Standard Bank de Angola SA, Standard Bank has the option to acquire an additional 24%.
“We are going through a process where we are putting our best foot forward and therefore would increase our shareholding if all goes well,” stated Tshabalala.
In addition to its plans in Angola, the bank is also looking to expand its shareholding in Nigeria.
