Standard Bank looks beyond lending in scramble for Africa
Former Liberty CEO David Munro tasked with integrating the insurer into its financial services offering
Standard Bank, which was founded almost 160 years ago, is looking beyond banking for new growth opportunities as it looks to become Africa’s premier diversified financial services group.
With a presence in 17 African markets beyond SA the bank’s recent buyout of Liberty minority shareholders will allow it to integrate the insurer’s short and long-term insurance products into its offering to tap new revenue streams on the rest of the continent. Add in asset manager Stanlib and the group has R1.4-trillion in assets under management (AUM), the third-largest in Africa after the Public Investment Corporation (PIC) and Ninety One...
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