CFC Stanbic, a subsidiary of South Africa-based Standard Bank Group, is keen to establish itself in the South Sudan private sector by providing core banking solutions needed to stimulate economic activities in the growing nation.
The bank which officially commenced operations in the war-ridden country mid last year revealed that its decision to enter the developing market was centred on plans to secure capital –via a rights issue – to fund expansion projects.
“We have a strong and long relationship with the people of South Sudan and its government and see our branch opening in South Sudan as a vote of confidence in the country’s future,” noted Greg Brackenridge, MD of the bank.
According to Sudan Tribune, the bank plans to offer a range of basic banking services, while creating new relationships with customers, organizations and investors as well as solidifying and enhancing existing ones.
CFC Stanbic, which has its roots in Nairobi, Kenya, has had several dealings with South Sudan’s government including occupying a major role in an $11 million credit line deal for state-owned Nile Petroleum Corporation (Nilepet), which enabled the firm to continue its importation of fuel into the country. It also signed a $100 million trade and foreign exchange credit recently with the government to boost economic activities across the country.
Analyst therefore believe the NSE-listed bank’s plan to fully enter the baby-economy will not only stimulate growth in the banking industry but also provide the needed skills and resources for diversifying the economy through investments in the Energy, infrastructure and Agricultural sectors
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