Standard Bank to Deepen Mideast Ties With New Egypt Office [Financial Post (Toronto, Ontario, Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Standard Bank Group Ltd. plans to open a new office in Egypt as Africa's largest lender by assets looks to benefit from rising trade between the continent and the Middle East. The bank will open the new representative office by the end of the year, according to Rassem Zok, who leads Standard Bank's operations across the Middle East and North Africa region. The Johannesburg-based lender's presence already spans 20 African markets. Article content The move comes as Standard Bank's business outside of South Africa overtook its home market as the biggest driver of profits in 2023. While headline earnings inched up 3% for the South Africa business, profits from the rest of the business soared 49%. Article content “We have been looking at expanding our reach toward North Africa,” Zok said in response to questions from Bloomberg. The new office will
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