May 9, 2013 / 4:19 PM / 5 years ago

StanChart plans to open in Mozambique next year

CAPE TOWN (Reuters) - Standard Chartered (STAN.L) wants to open its first branch in Mozambique next year, part of an aggressive expansion campaign that will help double revenues from its African business over the next five years, an official said on Thursday.

“Africa is in our DNA and we think Mozambique is natural evolution in expanding our network here,” V Shankar, the bank’s head of Europe, Middle East, Africa and Americas operations, said.

“I would be surprised and disappointed if we were not there by the end of 2014,” he told Reuters on the sidelines of a World Economic Forum Africa meeting.

Shankar said the subsidiary would handle domestic and cross-border banking in the southern African country, where huge oil and gas finds are propelling rapid economic growth.

Standard Chartered was also planning another 25 branches over the next three years in Nigeria, the top revenue earner on the continent for the bank last year, he added.

    “We are growing very rapidly in Nigeria, both on the consumer banking side as well as the wholesale banking side,” he said.

    Reporting by Wendell Roelf; Editing by Ed Cropley

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