Nigerian banker Bola Adesola and Standard Chartered’s Senior Vice-President for Africa, talks about the London-listed bank’s strategies and priorities – assuring that the hundred-year-old bank can still innovate.
Present in 25 countries in Africa and the Middle East – representing 9% of its total revenue – Standard Chartered is one of the oldest banks active on the continent. Last year, its revenues, down 8% year-on-year, reached $2.4bn in this zone, 11% of which was generated in Nigeria and 10% in Kenya, the second- and third-largest markets in the region behind the United Arab Emirates.
While its profit in the region fell by nearly 98% in one year to $13m as a result of the Covid-19 pandemic, the group is nevertheless optimistic, announcing in its latest annual report that it aims to remain “admired for our specialist servicing of the fast-growing trade and investment corridors across Asia, Africa and the Middle East
The Senior Vice President said that the Bank plans to invest “in digital capabilities to help us become the leading banking platform in our footprint.”