Diana Layfield, chief executive officer for Africa at Standard Chartered, has claimed that the bank does not plan to expand to new markets on the continent in 2015, paymentsafrika.com reports.
Standard Chartered is seeking to cut costs of USD 400 million in 2015 and overall savings of about USD 1.8 billion through 2017. The bank’s business in Ivory Coast, the world’s largest cocoa producer, will be “growing strongly” in the near future, according to Layfield, the source cites.
Cote d’Ivoire economy is set to expand 7.9% in 2015, faster than the sub-Saharan Africa average of 5.1%, according to the International Monetary Fund. Growth in Kenya is seen at 6.2% by the IMF and at 4.75% in Nigeria.
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