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South African Standard Bank Files Application to Open Representative Office in Egypt, Reports Say

10:22, 11 April 2024

CC BY-SA 2.0 / shi zhao / Standard Bank Headquarters at Johannesburg, South Africa

Rasina Musallimova

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Standard Bank is a South African financial institution, which provides banking, insurance, and asset management services to individuals, businesses, institutions, and corporations in Africa and abroad. The bank has "on the ground presence in 20 African countries, four global centers and two offshore hubs."

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South African Standard Bank filed an application to open a representative office in Egypt, media reported.

"Egypt, the largest economy in North Africa and the second largest in Africa by banking assets, represents the most attractive, meaningful opportunity," the bank was quoted by the media as saying.

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The region is "home to four of the top 10 countries by size of banking assets" and represents "a compelling opportunity" for Standard Bank, the outlet said.

Earlier, the bank also expressed interest in entering another North African country, Morocco.