September 01, 2013 (JUBA) – CfC Stanbic Bank, a subsidiary of Standard Bank Group, is determined in its approach to provide banking solutions in support of the private sector in South Sudan.
- South Sudan’s Salva Kiir greets a CfC Stanbic staff as the bank’s country head Victoria Otieno (C) looks on (Photo: Moses Lomoyat)
The bank, which was officially opened in South Sudan mid-last year, joins other financial players in efforts to steer the economy of the once war-ravaged country.
Its entry into the young nation’s market, it said then, came amid plans to raise additional capital, through a rights issue to fund its growth strategy.
“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, CfC Stanbic Bank’s managing director.
The bank, officials say, also offers range of services available in conventional banking, while establishing relationships with the individuals, corporations, businesses and investors in South Sudan.
The entry of the bank in to the new nation, analysts say, will enhance economic diversification by attracting investments in the energy sector, infrastructure development and agriculture.
Since its inception, a year ago, the bank has reportedly supported the country in various ways, including providing organizational trainings, conferences and capacity building in different areas.
LINE OF CREDIT
Meanwhile, CfC Stanbic Bank was at the forefront of the successful structuring of the $11m trade line, which enabled the state-owned Nile Petroleum Corporation (Nilepet) to continuously import fuel into the country.
Recently, the bank signed a $100m trade credit and foreign exchange lines with South Sudan government to support business continuity and economic growth in the country.
Currently operating in 18 African countries, including South Sudan, Kenya and South Africa, among others, Standard Bank; also trading as Stanbic Bank, is reportedly Africa’s biggest bank by assets and earnings.
The bank also operates in 13 countries outside Africa.