Standard
Chartered Plc (STAN), the U.K. lender that makes most of its profit in
emerging markets, has applied for a banking license in Angola and may do the same
in Mozambique as it seeks to increase revenue from Africa.
“We’re applying for a
license in Angola -- hopefully, we’ll have it by the end of the year,” Diana
Layfield, chief executive officer of the lender in Africa, said in an interview
at the World Economic Forum in Cape Town today. “Initially, we’ll focus on
corporate and commercial banking. We’re having talks with Mozambique
authorities next week. We’re very likely to apply for a bank license there.”
Standard
Chartered already has a representative office in Angola and has
set up a joint venture with a state-owned insurance company. The London-based
lender, with operations in 16 African countries, plans to invest $100 million
in the continent over the next three years, opening 110 branches and recruiting
950 consumer-banking employees.
To contact the reporter on
this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net
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