STANDARD Bank Group , Africa’s biggest bank by assets, plans to acquire a lender in Kenya by 2025 as part of its growth strategy, according to the company’s East Africa Regional Chief Executive Patrick Mweheire.
The plan is for its Kenyan unit, Stanbic Holdings, to grow through an acquisition within two years, Mweheire said in an interview in the capital, Nairobi. Standard Bank wants to use the purchase to become one of the largest operations in a market dominated by local brands such as Equity Group Holdings and KCB Group.
“We have aspirations to be a top three bank in Kenya,” Mweheire said. “Number six is not acceptable. Within 12 months we would have identified and would have started having negotiations with someone,” he said.
Johannesburg-based Standard Bank has operations in five eastern Africa markets, including Kenya, Uganda, Tanzania as well as the Democratic Republic of Congo where it plans
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