Standard Chartered Bets Big on South Africa Amid Global Uncertainty

While many global financial institutions have scaled back in Africa, Standard Chartered is taking the opposite approach—doubling down on South Africa and eyeing further expansion across the continent.

The London-based banking giant has spent the last three years streamlining its operations by exiting smaller and underperforming markets. But now, it’s shifting gears to grow its wealth management and cross-border transactions businesses, with South Africa firmly in its plans.

Standing Firm Despite Political Tensions

Speaking from Johannesburg, Chris Egberink, CEO and Head of Banking & Coverage for South Africa, said the bank remains risk-on in South Africa, even as tensions simmer within the country’s coalition government and global uncertainty grows, fueled in part by President Trump’s new tariffs.

“None of our clients are running away,” Egberink said. “Our American, European, and Asian clients are still asking, ‘What else can we do?’”

That appetite for growth—especially in sectors like mining, retail clothing, construction, and water treatment—has helped Standard Chartered gain ground where others have pulled back.

Filling the Gap Left by Exiting Competitors

In recent years, global rivals such as Societe Generale, BNP Paribas, and HSBC have shrunk their African operations. Standard Chartered has capitalized on this retreat, stepping in to take on the deals and relationships left behind.

“It’s never good for a country when an international bank exits because it sends a negative signal,” said Egberink. “But we’ve been able to step in—and it’s actually been really beneficial for us.”

More Expansion on the Horizon

Having recently launched a full branch in Egypt, the bank now has its sights set on one or two additional countries, with Morocco under consideration. The timing for these moves, Egberink said, will depend on regulatory processes, licensing, and client appetite.

The push aligns with the bank’s long-term strategy to prioritize wealth and transactional banking while scaling back on retail operations in less strategic markets. Since April 2022, Standard Chartered has exited operations in Zimbabwe, Angola, Cameroon, Gambia, Sierra Leone, Jordan, Lebanon, and Tanzania, and is looking to sell retail banking units in Botswana, Uganda, and Zambia.

A Surge in East-to-Africa M&A Interest

Interestingly, while Western interest remains steady, investors from the United Arab Emirates and Asia are now leading many of the merger and acquisition (M&A) conversations in South Africa.

“We’re seeing a lot of aggressive interest from the UAE—especially on the M&A side from the east,” said Egberink.

In a time of shifting global alliances and internal political uncertainty, Standard Chartered’s continued investment in South Africa offers a rare vote of confidence. For businesses and investors watching the African continent, this bold move signals that opportunity often lies in the very places others fear to tread.

{Source BusinessTech}

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