Focus tends to fall on large-scale investment into Africa, however moves by two major African banks to encourage investment flows have arisen in recent months.
Standard Bank, Africa’s largest bank recently announced a partnership under which Standard Bank will become a 33% shareholder in Troika Dialog, Russia’s largest independent investment bank.
In a recent visit to Namibia with a high-profile delegation led by Russian Federation President Dmitry Medvedev, Andrei Sharonov, Managing Director of Troika Dialog Group, said “My trip to Namibia is meant to introduce members of the Russian delegation to Standard Bank and to explore opportunities for financing Russian companies’ projects in the country.”
Sharonov continued: “Together with Standard Bank we will work to strengthen and enhance our domestic franchise, as well as create an international platform to connect Russian clients to Africa and other emerging markets.”
According to an African Business website, Mpumzi Pupuma, Standard Bank’s Namibia Managing Director, expressed excitement over the potential for business opportunities created by the planned partnership. “The Russia-Namibia trade route can now be fully serviced through universal banking capabilities that can be provided by the combined strength of the two banks,” he said.
Standard Bank has also moved into Latin America, with an established banking setup across the region. The bank also plans to hire up to five people for a new private equity team in Brazil, betting on growth in Latin America’s largest economy, the bank’s Brazil chief executive says.
Local press in Nigeria has also stated that the 115-year-old First Bank of Nigeria is to open a representative office in Beijing, China, after securing the approval of the China Banking Regulatory Commission.
“This milestone is an exciting turning point in our bank’s history, as First Bank’s presence in China further accentuates our steady rise as an international financial services icon,” said Bisi Onasanya, Group Managing Director of First Bank. “First Bank will make Nigeria and Africa proud as a worthy Ambassador to Asia.”
Giles TurnerNews Editor