NAIROBI - Kenya's CFC Stanbic Bank, the main business of Kenya-listed CFC Holdings, said yesterday it had started operations in South Sudan to tap into an increasingly attractive new market.
Ranked among the largest banks in the East African nation, CFC Stanbic is controlled by South Africa's Standard Bank through CFC Holdings, which also runs a financial services company.
"Our entry into South Sudan is in line with our strategic plan to diversify into other markets in the region," Chris Newson, the chief executive officer of Standard Bank Africa, said in a statement.
The country accounted for 42% of the 2.3-billion shillings (R228.35-million) profit that Kenyan banks made from their regional subsidiaries last year, the central bank said in an annual report.
CFC Stanbic becomes the third Kenyan bank to venture into the new African nation, after Kenya Commercial Bank and Equity Bank.
CFC Stanbic has 20 outlets, all in Kenya. It also said it plans to raise funds for its expansion programme through a rights issue.
Stanbic enters South Sudan
NAIROBI - Kenya's CFC Stanbic Bank, the main business of Kenya-listed CFC Holdings, said yesterday it had started operations in South Sudan to tap into an increasingly attractive new market.
Ranked among the largest banks in the East African nation, CFC Stanbic is controlled by South Africa's Standard Bank through CFC Holdings, which also runs a financial services company.
"Our entry into South Sudan is in line with our strategic plan to diversify into other markets in the region," Chris Newson, the chief executive officer of Standard Bank Africa, said in a statement.
The country accounted for 42% of the 2.3-billion shillings (R228.35-million) profit that Kenyan banks made from their regional subsidiaries last year, the central bank said in an annual report.
CFC Stanbic becomes the third Kenyan bank to venture into the new African nation, after Kenya Commercial Bank and Equity Bank.
CFC Stanbic has 20 outlets, all in Kenya. It also said it plans to raise funds for its expansion programme through a rights issue.
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