Standard Chartered works to boost business in Africa
BUSINESSBy BiztechAfrica - July 9, 2012, 9:21 a.m.
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."
MORE BUSINESS NEWS
Kouros Capital Group announces multi-billion Nigerian investment planKouros Capital Group Limited (KCG) has announced that it is making immediate arrangements to bring into Nigeria substantial investment funding, for projects in telecommunications, agriculture, banking, oil and gas and aviation sectors. Read More
Samsung to open TV manufacturing plant in SASamsung Electronics South Africa announced its plan to open a television manufacturing plant in The Dube Trade Port, Durban by end of this year. Read More
Econet rejects base station reportEconet Wireless has released a statement refuting recent media reports around its importation of base stations. Read More
Nigeria: potential to become major economic forceA new McKinsey report finds that Nigeria has the potential to expand its economy by roughly 7.1 percent per year through 2030. Read More
Call for pan-African contact centre associationInteractive Intelligence has called for the creation of a call centre association for Nigeria and other African countries as a way of promoting a standard for call centres. Read More
AMI, Strathmore launch free online courses for managers and entrepreneurs in AfricaManagers and entrepreneurs in Africa can now gain advanced skills for free, with the launch of free online courses courtesy of the African Management Initiative (AMI). Read More
Bytes, NCR and Barclays in ATM dealBytes Managed Solutions, the exclusive distributor of NCR technology solutions in Southern Africa had signed a deal with Barclays Bank of Botswana (BBB) for the installation of intelligent cash deposit ATMs. Read More
Orange reports 8% revenue growthIntegrated telecommunications service provider Orange has announced an 8% revenue growth for the overall business for the first half of this year, compared to the same period last year. Read More
Business Connexion appoints CEOBusiness Connexion Group Limited has announced that Mr. Isaac Mophatlane has been appointed Chief Executive Officer of the company. Read More
Managed service support key to growth for iWayAfricaPan African telecoms operator, Gondwana International Networks (GIN) has announced that its iWayAfrica business will be partnering with managed services company, SevenC Computing to grow its foothold in key Africa territories. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.