Standard Bank intends to augment its investments in businesses located in Angola and Nigeria

Standard Bank (SBKJ.J), Africa’s largest lender by assets, is seeking to increase its ownership of enterprises in Angola and Nigeria, according to its CEO, who disclosed this Thursday.

A presidential decree has announced that the Angolan government intends to sell up to 34% of Standard Bank de Angola SA through an initial public offering. This decision was made after the government acquired a 49% stake in the company from a former insurance magnate who is currently serving a nine-year prison term.

The remaining 51% of the Angolan firm is owned by the South Africa-based Standard Bank Group, which also has the option to acquire an additional 24% stake.

“We are currently in the process of presenting our best self, and if all goes well, we will increase our shareholding,” CEO Sim Tshabalala stated in an interview with Reuters.

“In Nigeria, we are once again interested in increasing our stake in the business.” He also stated, “It is an exceptional business,” but he did not specify by what margin.

Stanbic IBTC (IBTC.LG) is 67.55% owned by Standard Bank, according to LSEG data.

With operations in 20 African countries, Standard Bank is eager to be at the forefront of the development opportunities that energy transition initiatives in critical regions of the continent, such as East Africa, have the potential to unleash.