- Stanbic Bank are looking to expand their market share in the near future
- Head of Corporate and Investment Banking outlines the plans for buying another bank
Stanbic Bank has expressed willingness and ability to grow by merging or buying another bank. Head of Corporate and Investment Banking of the bank, Mr Kwamina Asomaning disclosed this in Accra.
He was speaking at the Graphic Business/Stanbic Bank Breakfast Meeting held in the capital. According to the report from JoyBusiness, the meeting brought together takeholders in the banking and financial industry.
Mr Asomaning indicated that the move to buy or merge with another bank is due to Stanbic’s deisre to become a significant force in the banking industry. He spoke of his bank’s ambition and to achieve successes on a bigger scale.
According to Mr Asomaning, there are things they will looking for in a bank they might acquire. He mentioned the need to understand whether they are buying customers and which type of customers they are buying.
Another important thing to him was the type of assets as in loan assets or investment securities the new bank would have. He however added that should acquisition of another bank fail, they are open to organic growth.
As it stands, Mr Asomaning says no bank met their criteria. But he added that their determination means they will look out for but the growth opportunities.
Stanbic is part of a bigger band, the Standard Bank Group. It is the largest bank in Africa when assets are taken into account. These records are as recent as December 2017. The Standard Bank Group is over 150 years old and they operate in 20 African countries while employing over 50,000 people.
Watch our video on what UN experts say about politicians in Ghana: