Brazil: Standard Bank wants to expand operations in Brazil and Angola

20 March 2009

Accra, Ghana, 20 March- The Standard Bank is looking for acquisition opportunities to expand its operations in Angola and Brazil, amongst other markets, the chiefexecutive of the South African bank said in Accra Thursday.

After recently acquiring 33 percent of Russian bank Troika Dialog, CEO Jacko Maree said he believed that the current recession climate made it possible to make acquisitions at “discount prices.”

The Standard Bank, which has a presence in 17 countries, is now thinking of boosting its presence in markets such as Brazil, Nigeria, Angola, Ghana and Kenya.

“Weare in continuous discussion and in search of targets,” said theCEO in na interview during the launch of afund to support agricultural smallholdings in four African countries.

This is a joint initiative of the bank and the Alliance for the Green Revolution in Africa (AGRA), headed up by the former secretary-general of the United Nations, Kofu Annan.

The fund, which has a total of US$100 million, is aimed at supporting agricultural smallholdings in Ghana, Tanzania, Mozambique and Uganda. (macauhub)