Published: June 29, 2012
South African bank opens branch in Juba.
CfC Stanbic Bank, part of Standard Bank, has expanded its business into the Republic of South Sudan.
The South African bank is to offer its full range of banking services at its new branch in Juba, the country’s capital.
South Sudan became an independent country in July last year and the opening of Stanbic’s new branch is part of its strategy to diversify into new African markets.
Chris Newson, Standard Bank Africa’s chief executive, said South Sudan is a good market for the bank to move into due to its natural resources expecting expected to drive strong growth in the country and attract investment into its infrastructure as well as energy and agricultural sectors.
The expansion into South Sudan comes as Stanbic is working on a rights issue to grow its business.