Standard Chartered works to boost business in Africa

BUSINESS

|
Image: By BiztechAfrica
Standard Chartered works to boost business in Africa

Standard Chartered Bank has encouraged South Korean companies to advance into Africa, as the bank grows its support of business on the continent.

Standard Chartered reports that more than 90% of its income and profits are derived from Asia, Africa and the Middle East.

The bank has 170 branches in 16 African countries, and is bringing to market new offerings designed to meet the needs of small and medium enterprises in Africa.

The bank last week announced new services for SMEs in Ghana and Nigeria, among others. The services include SME centres, dedicated hotlines and access to the bank’s global online platform Straight2Bank.

Speaking in Lagos, the bank’s Global Head, SME Banking, Tim Hinton, noted that as mass employers of labour and great contributors to the country’s Gross Domestic Product (GDP), small businesses cannot be neglected; rather, efforts to mitigate risks must be made in order to enhance their sustainability.

In addition, the bank has called on South Korean companies to venture into Africa. Richard Hill, president and CEO of Standard Chartered Korea and Standard Chartered Bank Korea, told businessmen that the bank has already helped several Korean companies advancing into Africa, including Hyundai Engineering which won the bid for the world’s biggest geothermal plant project in Kenya.  

Standard Chartered was also recently appointed as the sole arranger for the IFC Pan-African Debt Medium Term Note Program, which will increase the availability of local-currency financing for private sector development in Africa.

Standard Chartered CEO Peter Sands said: “Standard Chartered shares IFC’s commitment to supporting the development of local capital markets in Africa, which has been a core part of our business for nearly 150 years."



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

The benefit cycle: how ICT and skills will sustain each-other in developing Africa

ICTs can develop skills, which in turn can develop the ICT sector, in a ‘benefit cycle’ that can propel Africa into the mainstream knowledge economy. But more effort is needed to get this wheel rolling, says Ayanda Dlamini, Business Development Manager at LGR Telecommunications. Read More

Nigerian carrier frets over naira devaluation, general elections

National carrier Globacom says it is worried over the devaluation of the naira and the uncertainties hanging in the air about next month’s general elections in the country. Read More

150 entrepreneurs advance to quarter-finals of Digital Change-makers competition

150 young Ghanaian entrepreneurs with varied digital solutions to improve the lives of Ghanaians, especially children, have made it to the quarter-finals of the Tigo Digital Change-makers competition. Read More

VMware reports fourth quarter and full year 2014 results

VMware, the global leader in virtualisation and cloud infrastructure, has announced financial results for the fourth quarter and full year of 2014. Read More

Maroc Telecom completes Moov takeover for 474 million euros

Maroc Telecom said this week that it has completed the takeover of all Moov operations in six African countries to the total value of 474 million euros. Read More

Citrix: SA office workers lose up to 559 hours a year due to lack of flexible work options

A Citrix study has found 20% of South African office workers work longer hours than contracted; losing up to 559 hours per year. Flexible working hours and the use of technology could improve the situation, it says. Read More

Wananchi Telecom prepares for rapid growth across Africa with global network services from Epsilon

Leading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More

Setback for BTCL IPO as workers cry broke

With the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More

Nomanini takes Africa by storm using Google Cloud Platform

Nomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform.  Read More

Airtel Kenya announces senior management appointments

Airtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively.   Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

UCC launches 2015 ACIA awardsUCC launches 2015 ACIA awards

Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.

IN DEPTH

Kenya’s digital TV battle hots up Kenya’s digital TV battle hots up

Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.

COMPANY NEWS

Albany CTG, Microsoft, collaborate on School of Government Program

The University at Albany’s Center for Technology in Government (CTG) has announced its collaboration with Microsoft Corporation to deliver executive level training to government leaders in Africa ...

VMware reports fourth quarter and full year 2014 results

VMware, the global leader in virtualisation and cloud infrastructure, has announced financial results for the fourth quarter and full year of 2014.