Commonplace Financial institution Group, Africa’s largest financial institution by property, plans to open a brand new workplace aiming to capitalize on rising commerce between the continent and the Center East, in accordance with the Ashraq Enterprise web site.
The financial institution is scheduled to open a brand new consultant workplace by the tip of the yr, in accordance with Rassem Zok, who leads the financial institution’s operations within the Center East and North Africa area. The Johannesburg-based financial institution already has a presence in 20 African markets.
This transfer comes at a time when Commonplace Financial institution’s enterprise exterior of South Africa has outperformed its residence market as the largest driver of income in 2023. Whereas headline earnings for the South Africa enterprise inched up 3 p.c, income from the remainder of the enterprise soared 49 p.c.
“We had been trying to increase our attain in the direction of North Africa,” including that the brand new workplace will enable “Commonplace Financial institution to capitalize on the numerous rise within the Gulf-Sub Saharan Africa-Egypt corridors, and proceed to help our purchasers in these corridors,” Zok stated.
In recent times, Gulf Cooperation Council international locations have stepped up their investments in Africa, as they give the impression of being to diversify their economies and prioritize areas akin to meals safety and renewable power.
These strikes have come within the wake of diminished spending by China, which has traditionally been the continent’s largest investor.
Zok stated the financial institution has had an workplace within the Dubai Worldwide Monetary Centre for 20 years, and expects the brand new operations in Egypt to enhance this presence.
Header picture credit score: Commonplace Financial institution Group web site.
